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Banjo Score™ [SMART 100, 2016]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

3 ex NAB employees decided there was a better and fairer way to assess loans for small business that didn’t involve waiting weeks for an answer or require screeds of paperwork. They created www.banjoloans.com and built the industry leading innovation Banjo Score ™, which fairly prices unsecured loan interest based on individual business performance. To do this Banjo doesn’t focus only on cashflow or commercially available credit scores (like our competitors primarily do). The Banjo lending platform combines industry leading credit risk analysis, a brand new unsecured lending product, and loan funding delivery in days not weeks or months.

2. WHAT & HOW

The purpose of this innovation is to…

Provide a thorough assessment of a businesses financial position to enable a fair rate on a business loan so that good businesses benefit and don’t subsidise less healthy businesses.

It does this by…

Taking a holistic view of a business’ entire financial performance; Profit & Loss, Balance Sheet (assets, liabilities, equity ), bank statements, borrowing history, other credit ratings, and legal documents. We combine this with national industry ratings and forecasts, and the expertise of our credit officers , to come up with a fast, accurate, and unique measure of business performance.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

It offers a more thorough understanding of a business’s financial position, allowing Banjo to approve more loans and offer fairer rates.

Its various benefits to the customer/end-user include…

Lending based on cashflow enables borrowers to avoid having to offer security, it gives them and us better priced risk so good businesses benefit (unlike our competitors) it means we can lend responsibly.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

This innovation is new because the platform combines industry leading credit risk analysis, a brand new unsecured business lending product, and loan funding delivery in days not weeks or months.

Its predecessors/competitors include…

Business credit cards, secured business loans such as mortgage backed business loans, or a business overdraft. None offer risk based pricing, just one size fits all

5. TARGET MARKET

It is made for…

Small to medium businesses who are looking to grow or have short term cash-flow challenges- e.g carrying high inventory, expanding warehouse. The Banjo platform offers a fast online lending solution with a credit scoring technology that ensures customers get the fairest rate.

It is available for sale through…

The Banjo Score ™ is utilised as part of an online paperless loan application from Banjo Loans. This can be completed in minutes and because of this advanced credit assessment, approvals are made within hours.

Our marketing strategy is to…

Ensure SME’s are aware that there is a better way to obtain funding and that they will receive a rate that recognises the health of their individual business. They will access the Banjo Score technology as part of the on-line, paperless loan application at www.banjoloans.com

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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