Neil is the founder of theBankDoctor.org, a non-for-profit online resource centre that helps SMEs deal with the challenges of funding their business. He is also the Managing Director of Slonim Consulting, a corporate debt advisory and advocacy practice. Previously Neil was a senior NAB career banker with over 25 years experience in corporate and business banking and the “bad bank”. He is an independent and staunch supporter of SMEs and in this capacity was responsible for bringing Fintech Australia and the ASBFEO together to undertake the ground breaking project on improving transparency and disclosure in fintech lending to SMEs.
This distinguished panel looked at the much-discussed topic of how fair – or unfair – loans to SMEs had been.
Neil Slonim took the line that there needs to be more transparency on brokerage. Currently borrowers are getting put into loans that aren’t in their best interests because brokers re getting offered significant sums by fintechs.
Helen Gordon said that there have been positive steps made towards transparency and disclosure and the industry is making efforts to head towards a more transparent lending contracts.
Astrid Raetze noted that fintech lenders can and should do the right thing by SMEs and was optimistic about the future.
Anna Scott said that small businesses are time poor and often don’t have the lawyers to read through loan agreements.