Suncorp is a relative newcomer to the debtor and invoice finance market but is aggressively growing a solid share of the $63 bn a year industry.
The Queensland based lender has offices in every state and and will take applications from small to medium sized companies, however they need to be profitable and minimum turnover is expected to be around $750,000 give or take.
The company is a rare beast in that its facilities can be confidential, disclosed or a hybrid where some of your debtors know the bank is in the picture and others don’t.
Facilities require a whole of turnover agreement and customers can obtain advances of up to 80% of monthly invoice values depending on the quality of debtors, debtor concentration, and whether the facility is disclosed.
For businesses which import stock, the bank can offer trade finance to get the products landed and then morph the facility into debtor finance to cover sales invoices.
The keyword for Suncorp is competitive and its always worth considering an offer from it.