As 2020 comes to an end, we’re looking forward to better times ahead. However, we can’t jump into 2021, without reflecting on the year that’s been...
In 2020, the global pandemic swiftly transformed from a health crisis to an economic one. Businesses throughout Australia - and indeed the world - struggled to collect an unprecedented amount of unpaid invoices, as customers withheld payments in order to conserve cash flow in the face of Covid19-related lockdowns.
While various Government support schemes helped reduce the pandemic-related impact of pressured cash flows in 2020, alternative business lending organisations also presented small and medium-sized enterprises with an attractive opportunity to access funds. Grapple offers its clients competitive interest rates, speed, convenience, flexibility and most importantly, control over when they get paid.
Grapple is an invoice finance company designed to connect Australian business with investors and support industries by helping unlock the cash in their unpaid invoices. From product manufacturers to the food and beverage space (with the hospitality industry hit particularly hard), we are proud to have played our part in helping many great businesses continue to operate and grow.
Our key achievements in 2020 included:
- Building our lending products and proprietary platforms to make invoice financing more flexible and affordable with an easier user experience than incumbents.
- Lending out against almost 30,000 invoices - Over 120 invoices a day or 15 every hour!
- Continuing to help Australian SMEs attain finance and continue to prosper in growing sectors of the economy.
Although the Australian Bureau of Statistics recently revealed that revenue rose for 24% of businesses last month, the year ahead will undoubtedly bring with it a number of challenges for business growth. As such, non-bank-based lending opportunities will continue to be utilised by SMEs. And among them, we are confident that Grapple can provide your business with the best support available to keep it thriving.
Our predictions for 2021:
- We will see a continued decline in bank lending to small businesses.
- Grapple's role will be integral in helping SMEs obtain the funding they need. We are already seeing bank-grade clients looking for funding from alternative methods such as Grapple's funding platforms. We expect this trend to continue.
- 2021 will see Grapple further develop our platforms to automate the invoice financing process, making it a seamless customer experience in an industry which is plagued with old and outdated technology.
Ready to welcome the new year with invoice financing with flexible solutions to fit your business needs? Ask about our options today.