Lumi Sets Itself Apart with New SME Lending Product Innovation
(11 December 2023 - Australia) To support business owners facing uncertainty and an elevated interest rate environment, small business lender Lumi has released two new SME lending products with a focus on innovation.
Lumi offers a new revamped line of credit with significant added flexibility and a rate-reducing business loan called "Rate Ease" to stand out from the pack. The improved line of credit allows businesses to navigate variable cash flows by drawing down funds whenever needed, ensuring they incur interest expense only for the value borrowed.
The rate is automatically reduced every four weeks for a period of one year when repayment promises are kept for Lumi business loans with the new product.
“Business owners may miss growth opportunities by avoiding applying for business funding, but when opportunities arise, they may not have time to react. With our line of credit, if not utilised, no interest is incurred. However, if an opportunity arises, funds are readily accessible without the need for a new application process and they can keep accessing more funds as needed, the repayment period resets with each drawdown, making payments easier to manage and giving clients more control and transparency" stated Lumi’s Head of Third Party, John Clifford.
“This is particularly valuable in the current environment of uncertainty and escalating interest rates" Clifford added
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