Moneytech wants non-bank lenders to be included in the $1 billion Economic Resilience Program

NON-BANK LENDER Moneytech has welcomed the Albanese Government’s $1 billion Economic Resilience Program (ERP)¹ as a “timely and important measure” to protect Australian businesses from global supply chain shocks – but is raising questions about why non-bank lenders have been excluded from delivering it.

The program, administered through the National Reconstruction Fund Corporation (NRFC), provides zero-interest loans of up to $5 million to eligible small-to-medium enterprises (SMEs) in fuel, fertiliser, plastics and other critical supply chain sectors.

Applications are currently being processed exclusively through a small group of participating banks, with no pathway for non-bank lenders – even though these lenders now finance a significant share of SME loans across Australia. 

Moneytech CEO Nick McGrath said the program was “exactly the kind of intervention Australian SMEs need right now” but its reach could be meaningfully extended by opening it up to non-bank lenders.

“This is a well-designed program tackling a real problem, and the (Federal) Government deserves credit for acting quickly,” Mr McGrath said. “Our question is a constructive one though, if the objective is to get capital into the hands of as many eligible Australian SMEs as possible, as quickly as possible, why limit delivery to the major banks?

“Non-bank lenders are now a core part of how Australian SMEs access finance. The Reserve Bank of Australia²  itself has noted that the non-bank share of SME lending has grown strongly since 2022, particularly for smaller loans driven by demand from SMEs for faster decisions, more flexible criteria and funding options the majors don’t offer.

“Many of the businesses this program is designed to help already rely on non-bank lenders for their day-to-day finance.”

Pandemic response boosted non-bank lending

Mr McGrath pointed to the precedent set during the pandemic, when non-bank lenders including Moneytech were accredited to deliver loans under the government’s SME Guarantee Scheme alongside the major banks.

“The SME Guarantee Scheme worked because the government recognised that a diverse group of lenders would reach a broader group of businesses. That logic hasn’t changed. If anything, the role non-banks play has grown significantly since then.”

Mr McGrath said Moneytech was not arguing that banks should be cut out, but that the program’s impact would be greater if SMEs could access it through the lender they already use and trust.

“This is about giving Australian businesses more choices, not fewer,” he said. “The SMEs running fuel distribution, logistics, fertiliser supply and manufacturing operations aren’t a monolithic group.

“Some bank with the majors; many don’t. A program that genuinely supports the breadth of Australian industry should be accessible through the breadth of Australian lenders.”

Engaging the finance brokers

Moneytech also highlighted the role of finance brokers, who are the primary distribution channel for SME funding across Australia and would be critical to getting a program like the ERP into the hands of eligible businesses quickly.

“Brokers are often the first call a business owner makes when conditions tighten,” Mr McGrath said. “They understand their clients’ operations and can quickly determine whether a business is best supported by a bank, a non-bank lender, or a combination of both.

“Any program designed to move capital fast should be built around the channels SMEs actually use and brokers are central to that.”

Brokers were also key distribution partners during the COVID-era SME Guarantee Scheme, helping lenders – banks and non-banks alike – reach businesses that needed support quickly.

Moneytech has called for the Federal Government and the NRFC to open consultation with the non-bank sector on how lenders outside the majors can be accredited to participate in the ERP, and will engage directly with the relevant ministers and officials.

www.moneytech.com.au

[1] https://www.nrf.gov.au/what-we-do/investment-sub-funds/economic-resilience-program

[2] https://www.rba.gov.au/publications/bulletin/2025/oct/small-business-economic-and-financial-conditions.html