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It s nothing short of scandalous : Judo Bank says the big four have abandoned Australian businesses, as it soars towards $3 billion in loans Jack Derwin Judo co-founders Joseph Healy and David Horney (Cole Bennetts, SMH)
Digital bank Judo has almost doubled the size of its loan book during the pandemic, as it nears $3 billion worth of lending.
Releasing an update, the lender said it was filling in the scandalous gap left by the major banks which had rejected more than a quarter of loan applications last year. This is of serious concern not just to SME business owners looking to grow and employ more Australians, but for the economy more generally at a time when we should be doing all we can to create jobs and get the post-pandemic recovery under way, chief financial officer Chris Bayliss said.
SME funding gap jumps 5%: Judo
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The funding gap for SMEs with a turnover of between $1 million and $20 million has widened by $4.6 billion to $94.3 billion since 2019, according to a report.
The
2021 Small-to-Medium Enterprise (SME) Banking Insights Report, commissioned by Judo Bank and conducted by East and Partners, has shown that one in four SMEs is unsuccessful at obtaining finance.
The third edition of the report, which has been widened to include businesses with a turnover of up to $50 million, found that the funding gap for businesses up to this size hit $119.2 billion.
It also found that while almost three-quarters (74.0 per cent) of all loan applications in the range of $300,000 to $1.5 million were successful (average sum sought of $700,000), 26.0 per cent of SMEs were turned away for new finance.