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The non-bank lender has increased its total funding pool from $250 million to $400 million and made its SME lending products available across all Australian states.
The expanded pool will be used to support businesses through cash flow lending, asset-backed facilities, construction finance, and short-term property-backed loans.
The capital will be directed toward businesses operating in sectors including construction, property development, hospitality, professional services, and family-owned enterprises.
Renown’s decision to expand its funding options outside of its home state of South Australia follows increased inquiries from NSW, Queensland, and Western Australia.
Renown said that the inquiries indicate increased local SME demand for alternative funding options, as traditional lenders face longer approval times or apply more restrictive criteria.
Last month, Mitchell Chadevski, general manager of Renown Lending, sat down with Broker Daily’s Liam Garman to discuss how private lenders are filling this widening gap as major banks tighten lending policies.
Supporting the national expansion, Renown Lending has appointed Oyishi Haque as business development manager for NSW, Queensland, and Western Australia.
Haque brings more than eight years’ experience across banking, non-bank lending, and third-party distribution, having held senior roles at Macquarie Group, Alex Bank, ScotPac Business Finance, Plenti, and GetCapital.
Having started in the new year, Haque will work with brokers on asset-backed lending solutions, including first and second mortgages, commercial property, construction, land, and bespoke non-bank structures.
[Related: COSBOA appoints new CEO]