Spotcap Commercial

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Spotcap

Founded: 2014

Lender Type: Online Global Bank

Owned by: Privately owned

Founded in 2014 as an innovative lending solution for small to mid-sized businesses, the company itself is a successful product of the fintech revolution. Spotcap was founded by CEO Jens Woloszczak, who holds a degree in industrial engineering and has a background in commercial banking, having worked for European banks for five years before starting Spotcap. Headquartered in Berlin, this tech-savvy lender operates throughout Europe and more recently has established a presence in Australia and New Zealand. Spotcap offers a variety of business loans, all designed to be efficient and versatile and to help growing businesses meet their financial needs, understanding that todays SMBs have different funding needs than in the past.

Key Benefits

Paperless applications
Fast approval times
Loan products are flexible

Drawbacks

No branch access
Primarily unsecured financing options
Limited on how much you can borrow

Lending Products

Lending Product Description

Unsecured Business Loan

Spotcap offers a great, customer-centric unsecured loan product. No collateral required, even the application process is non-committal. You can apply, get a decision within one working day and decide if the loan works for you. Spotcap will finance up to $250,000 to qualified borrowers. Save by only paying interest on the money you end up using. Repay early without penalty.

Peer to Peer Lending

Positioned as an alternative to traditional P2P lending, Spotcap offers a straightforward application process with lots of flexibility. You can apply online and expect a prompt response. Australian businesses who have been operational for 18 months and meet minimum turnover requirements can apply. Borrow between $10,000 and $250,000 and pay interest only on the amount you draw down. You can nominate your draw down amounts at the beginning of the loan, each of which is converted into a loan with a 6 to 12-month repayment term.

Merchant Cash Advance

Borrow between $5,000 and $250,000 and pay an interest rate based on a combination of the current state of the market and your recent business performance. Repay over a period of 6 to 12 months. With no hidden fees, Spotcap offers a clear, simple, and competitive option for small business cash flow funding.

Bridging Loan

For short-term business cash flow challenges, a Spotcap Bridging Loan can help you cover expenses. It is ideal for payroll and stocking up on inventory when you need it, especially for businesses with customers who dont always pay on time. This business loan acts like a loan of credit, then you pay off nominated portions of the loan within a 6 to 12-month term. Repay early penalty free.

Equipment Finance

You can borrow from $5,000 to $250,000 if you qualify to help you purchase, lease or hire equipment for your business. The loan isnt tied to the asset so you can use the money for other expenses outside of the equipment, such as hiring additional staff or staff training, which may be necessary to make use of the asset more efficient. The loan starts as a line of credit. Then, you draw down the loan in portions you need, which then need to be repaid within a 6 to 12-month term.

Working Capital Finance

This is a short-term loan, intended to be used to cover the day-to-day business expenses. Spotcaps Working Capital Finance option is best suited for small to mid-sized businesses who require the extra funding to cover costs, like payroll and office expenses, during those seasonal fluctuations when business income tends to slow down. Borrow up to $250,000 and only pay interest on the amount you use. Repay within a 12-month term.

Invoice Finance

Spotcap offers SMEs a flexible option for unlocking capital that is tied up in unpaid invoices. Youll get a competitive rate, and there are no hidden fees. Start your loan as a line of credit and then draw down what you need. Drawn funds must be repaid within 6 to 12 months. There is no penalty for early repayment.

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