|GOLD Coast-based Bartercard is presenting an alternative to a bank loan for small and mid-sized businesses, making available a $10,000 interest-free line of credit to new members.
It comes after the ABC’s 7.30 program recently aired a report about the unfair advantages enjoyed by major lenders over smaller competitors.
The report highlighted that some 30 per cent of small businesses cannot obtain the finance they need due to a distorted allocation of capital towards home-lending, and an uneven playing field that has led to a financial system inquiry.
Bartercard chief executive Brian Hall said the credit provides a funding solution for many business owners.
“Bartercard is assisting many business owners who are opting for an alternative to the banks to obtain the capital funding they need – and it is taking cash out of the equation,” he said.
“We offer businesses an initial credit line somewhere between $10,000 and $25,000 depending on circumstances.
“It is offered as a cash-alternative currency and comes without accruing the high interest rates set by the banks.
“Business owners let down by the banks don’t have to take drastic measures such as borrowing from family or taking on an extra house mortgage to obtain the funding needed.”
“Also, we work to attract extra customers, increase productivity by filling downtime and shifting excess stock, and slashing cash expenses to keep more money in members’ pockets.”
Mr Hall said members are using the interest-free credit to meet start-up costs and business-generating expenses including telecommunications, marketing, fit-outs, equipment, larger premises, extra storage space and stock sourced through Bartercard’s 20,000 business members.
Click here for more information about Bartercard's Interest Free Line of Credit
Media outlet: Gold Coast Bulletin