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Wizard finds its home in the commercial lending market |
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Thursday, 29 March 2007 |
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Wizard finds its home in the commercial lending market Monday, 26 March 2007. Wizard Home Loans has unveiled its first foray into the SME commercial lending space with the launch of a new range of equipment finance products. According to Wizard Parramatta, their focus on the small business arena came after identifying a niche in the market to provide equipment finance to businesses with less than 20 employees – representing more than 2.9 million businesses in Australia. “Most commercial lenders are focused on the big end of town, but Wizard recognised a need to develop specialised and competitive equipment finance products specifically tailored for small businesses,” said Wizard Parramatta branch principal Ross Le Quesne . “In recent years, Wizard has worked with people who run their own businesses to help them obtain finance for their home. "When providing home loan solutions for these customers, we discovered their need for a fast and simple financing solution for their business, in particular in the area of business equipment finance,” said [name]. Wizard Chairman Mark Bouris said, “Given our unparalleled success as the leading non-bank lender, this step is a natural progression that will enable us to better service the commercial needs of the SME market.” Wizard’s new range of equipment finance products will enable small businesses to keep their bank lines open for other business needs, upgrade their equipment easily, and to maximise their cash flow. The products include 100 per cent financing for acquisition of equipment, rental and operating leases for equipment upgrades and commercial hire purchase options, as well as a fuss free application process with a 24 hour approval. Types of equipment covered by Wizard’s equipment finance includes construction and farming equipment such as bulldozers, cranes, harvesters, trucks and trailers to office equipment such as photocopiers and computers. Prior to launching the new range of equipment finance products, a select number of Wizard branches throughout Australia undertook a pilot trial of the products. “The response we received from our branches and customers during the pilot stage was extremely positive, hastening our launch of the products on a larger scale,” said Bouris. “With this in mind, we are pleased to introduce a range of products that allow small businesses to obtain finance for their business equipment needs allowing them to maximise their cash flow." The equipment finance products provided by Wizard will be offered at market competitive rates, with the backing of GE Commercial Finance, a leading provider of commercial finance globally. “We are extremely confident that Wizard’s move into equipment finance will present an attractive option for small business customers and ensures Wizard remains the lender of choice for all Australians in both the home loan market and small business sector,” said Bouris. For further information contact Wizard Parramatta on 02 96871833 or pop into the branch at 41 George Street Parramatta. About Wizard Home LoansWizard Home Loans is Australia’s leading non-bank lender with around 250 branches across Australia and New Zealand. Wizard is predominantly a residential mortgage lender with an award-winning range of competitive financial products, including car and personal finance products. Wizard products are sold exclusively through Wizard branches, and are not available through mortgage brokers. In October 2004 Wizard became part of GE Money, the consumer finance arm of General Electric. For more information call 13 19 70 or visit www.wizard.com.au
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