MYOB’s new Loans and Finance hub frees funds faster for SMEs
19 Apr 2022
From today MYOB customers have direct access to receive funds in as little as three hours via a new cashflow and lending hub, as the business management platform deepens its integration with partners Butn and Valiant. The launch is welcome news for small and medium sized enterprises (SMEs), with MYOB Business Monitor research from January 2022 showing 72% of businesses who had accessed financing found the process takes too long, and 84% said when they need funding, they need it straight away.
Loans and Finance, available in MYOB Business, provides SMEs with two pathways to improve short-term cashflow and increase funds for longer term growth opportunities. Invoice financing, powered by Butn, gives businesses early access to funds from issued invoices, prior to their due date. Once the customer has registered, these funds can be released as soon as three hours after applying*. Alternatively, SMEs can receive no-obligation quotes from over 80 lenders within 24 hours, with no credit checks, via Valiant.
According to MYOB General Manager of Financial Services, Andrew Baines, providing Loans and Finance to customers is key to helping more SMEs maintain cashflow and business liquidity.
“Cashflow is one of the major bugbears for small business owners, and while our recent SME Success Report shows invoice payment times are improving, small businesses often have outstanding payments which can stall business operations,” Mr Baines said.
“Cashflow inhibitors can have significant impacts, particularly on small businesses. Easy access to loans and finance and, more importantly, fast outcomes in terms of available cash, helps customers take control of their finances so they can focus on running, and building, their business.”
MYOB first announced its investment in Butn in April last year and closely followed by an exclusive partnership with Valiant in June. With both solutions now fully integrated into the business management platform, MYOB customers can unlock the value of these strategic relationships.
“Having Loans and Finance now available in product offers our MYOB Business customers a streamlined experience, connecting them to cashflow solutions without having to spend time sourcing providers.
“Utilising this function as a key part of their invoicing and cashflow activity will enable more businesses to access capital when they need it – a move that will improve business operations for a significant sector of the Australian economy.”
Loans and Finance is available to MYOB Business customers in Australia. For more information on invoice financing or business loans, visit the MYOB website.
*Based on MYOB customer data for the period June to December 2021.
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For further comment or other information please contact:
Selina Ife, Communications Consultant, MYOB
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.
Valiant Finance helps Australian business owners find the best loan for their business. Using our market-leading proprietary technology, business owners can explore their financing options online and be supported by our product-agnostic advisory. The platform offers a seamless customer experience, exceptional service, and the ability to submit a single digital application regardless of the lender. Valiant works with over 80 lenders to ensure Australian small business owners are finding finance that supports the growth of their business and saves them valuable time.
Butn Limited is an Australian Business-to-Business (‘B2B’) funder innovating the way SMEs fund and grow their businesses. Butn focuses on transactional funding – funding SME businesses through their working capital constraints by financing individual transactions, leveraging the end debtor’s credit. With a vision of “Your Money, Today.” Butn delivers cashflow funding solutions at the click of a Butn having funded over $500 million to Australian businesses since 2015. For more information visit www.butn.co.