Traditionally recognised for its residential mortgage offerings, So Money's foray into SME lending addresses a significant gap in the market. Many small business owners have faced challenges securing loans due to stringent requirements imposed by major banks, which often do not align with the operational realities of modern Australian SMEs. By introducing more flexible income verification processes, So Money seeks to alleviate these obstacles, providing a more accommodating pathway for business owners seeking capital for expansion.
Founder Zachary Su highlighted the challenges faced by small business owners, noting that they are often underserved and burdened by high-rate, low-documentation loans due to rigid requirements from major banks. He emphasised that traditional lenders' extensive financial requirements and long assessment periods rarely reflect how modern Australian SMEs operate. So Money's new offerings aim to bridge this gap by providing more flexible and efficient lending solutions.
In addition to its new lending products, So Money has introduced a broker-partnership model designed to streamline the loan application process. Under this model, brokers can focus on sales and client relationships, while So Money handles data entry, follow-ups, and back-office support. This approach not only reduces the administrative burden on brokers but also accelerates the lending process, benefiting both brokers and their clients.
The expansion into SME lending comes at a time when the sector is experiencing significant growth. According to the Australian Bureau of Statistics, the number of new Australian Business Numbers (ABNs) registered nationwide increased by 21% to 104,784 in the year leading up to August 2025, up from 436,000 between July 2023 and June 2024. This surge underscores the increasing entrepreneurial activity and the corresponding need for accessible financing solutions.
So Money's strategic expansion into SME lending and its innovative broker-partnership model reflect a broader trend in the financial services industry, where non-bank lenders are playing an increasingly vital role in supporting the growth and development of Australian small businesses.
