Finport Finance Review
This review of Finport Finance will get under the hood of this small business lender. We’ll take a look at Finport’s company story, lending solutions and minimum borrowing criteria. As always, we’ll search the net for existing Finport Finance reviews to see what existing customers have had to say about their experience and see if there are any common themes which point to the advantages and disadvantages of obtaining funding through Finport. Read our Finport Finance review and see if they meet your business’ working capital needs.
|📝 ABN:||624 778 123|
|📝 Credit License:||(Not mentioned on website)|
|💰 Loan Amount||$50,000 – $5,000,000|
|⏲️ Loan Term||30 Days – 120 Days (occasionally longer for bespoke funding arrangements)|
|💸 Unsecured Loans?||Partial security required|
|⌚ Lender Requirements|
|⏱️ Response Time:||24h|
|🌝 Easy to Apply:||Yes|
|💌 Online Reviews:||5 reviews on Google – 5/5|
3 reviews on Facebook specific to Finport Director Scott Cavanough – 5/5
|🏆 Awards and Recognition:||None|
|💳 Minimal Interest Rates:||Roughtly 2% per month.|
|Compare Fifo Capital||Compare Finport Finance with 30+ Australian Lenders on Lend.com|
|Review Table of Contents|
Alternatives to Finport Finance:
Finport Finance was founded in 2015 by Keegan York and Scott Cavanough, two individuals with extensive experience in international trade and working with SMEs, all-be-it historically within the field of FX and currency exchange. This hasn’t held them back though as they brought on dedicated trade finance experts from the outset and have become experts in their own right through their last seven years in operation.
Finport is a Trade Finance specialist that provides funding against invoices for up to 120 days. It was created for growing businesses that are ready to invest in their future but just can’t get the banks to play ball. They are an independent provider of working capital across Australia with offices in Sydney, Melbourne and Perth delivering innovative funding solutions for businesses throughout Australia.
Since inception, the firm has sponsored a major 18ft skiff sailing boat and is regularly named in sailing news at some of Australia’s leading competitions. Picking up the sponsorship from Compass Global Markets – the previous business of directors Keagan and Scott. Keagan skippered the sailing team from 2010, moving to the sheets in 2021.
Finport Finance Products
Whilst Finport’s speciality is with importing and international trade, it offers finance for both international and domestic invoices. The firm also offers various spin-off solutions including deposit finance and Letters of Credit.
Finport’s trade finance solution will fund businesses for up to 100% of the value of their invoice. Allowing businesses to import goods from their supplier or begin the production on a good from their supplier as soon as possible. Funding is available in instalments of 30, 60, 90 or even 120 days. With funding up to $5m this is likely to be more than enough for the majority of SMEs but those seeking a higher facility may prefer Moneytech’s trade finance facility which goes up to $20m.
|Facility Size:||Between $50k and $5m.|
|Lending Term:||Finport’s trade finance facility offers borrowing periods of 30, 60, 90 and 120 days. Some testimonials have indicated longer terms up to 9 months.|
- No monthly repayments, full repayment at maturity
- Simple repeat transactions once a credit limit is established for your business
- Pay both international and local supplier purchases
- Limited security required – subject to credit approval
- Finport handles all FX and payments to the supplier – conveniently provides an invoice to you in AUD
Letter of Credit
Finport can work with its bank to arrange a Letter of Credit for your suppliers. This acts as a bank guarantee to your supplier that once International Chamber of Commerce rules are met on export, they will ensure the payment is made even if you as the importer are not able to make it. This can help to establish creditworthiness with your supplier, making international trade easier. The import letter of credit is a separate legal document to your sales contract and any finance you receive to fund this.
Working in the same vein as receiving funding for the full value of the invoice, Finport will provide finance for the deposit on a good too. If a manufacturer requires a down-payment prior to commencing production or shipping, Deposit Finance could be for you.
Some items like heavy goods may then go on to be leased, and Finport will look to an approved lease takeout as their repayment. Helping to make this a seamless transaction for the borrower.
Bespoke Trade Finance
It can be worth taking unique financing arrangements to Finport Finance as well. One recent testimonial highlights an approved transaction for the importation of a major piece of equipment ($2.5m) which was then going to be leased upon commissioning in Australia. The underlying borrowers’ financials made credit approval challenging so Finport enhanced the security position by taking a supplier’s partial guarantee, and additionally a second mortgage over the directors’ property. As a result, Finport was then able to provide a facility of 9 months on the transaction.
Finport Finance Client Reviews
-Google Reviews – 5 Reviews
-Facebook – 3 Reviews specifically for a Finport Director
At the time of writing (March 2022) Finport Finance has absolutely no reviews on credible review platforms like TrustPilot or feefo. These review platforms have procedures in place to help ensure as best as possible that reviews are indeed legitimate and left by actual Finport clients.
The three reviews on Facebook leave no actual content, they simply rate the service as 5*.
The five reviews on Google all rate the service as 5*. Whilst there are no procedures in place by Google to verify reviews, the reviews do certainly appear to be legitimate. They include a detailed explanation of the service they received and four out of the five even leave their business names.
Analysis of Client Reviews:
The small number of reviews the firm has are very complementary. More than one reviewer commented that Finport has had a hugely beneficial impact on their business. The service far exceeds what the big four banks have to offer and the team makes finance and the repayment costs easy to understand. From cranes to race cars, Finport has supported owners to take their businesses to the next level. What’s most pleasing is that these reviewers were
However, despite 100% positive feedback, which is certainly good, 8 reviews just doesn’t tell us much. To put this into context, Australia’s largest alternative lender Prospa has over 6,500. Despite quite large lending facilities, Finport Finance is still a relatively small lender by headcount. Given this, it’s not wholly unsurprising that the firm has such a small number of reviews but for a lender established in 2015 we would expect more. Businesses are less likely to leave a review than individuals but this alone wouldn’t account for having such a small amount.
With only 8 Finport Finance reviews, we simply aren’t able to recommend Finport based on client reviews alone. That’s not to say they aren’t a credible company. They are certainly legitimate and Scott Cavanough in particular gets a lot of praise for the work he does with clients. Though we have to say, readers who would prefer to see a track record of positive experiences are likely better off choosing a different lender for Small Business Loans in Australia.
Finport Finance Pricing & Rates
As to be expected in the industry, there is little information to be found with regards to lending fees and interest rates on Finport’s website. Interest rates will always be based on a number of factors, whether that’s the credit profile of the borrower, the security they can provide or how long they’re borrowing for. For this reason it’s unlikely to see rates specified as they will always be determined on a case-by-case basis. Still though, some companies like Shift (also offering import finance) will at least provide their interest rate range so you can get a feel for where your own business credit profile fits into their risk appetite and interest rate range.
We get the feeling borrowing begins at around 2% per month which is about what you’d expect from a non-bank lender. Most trade finance or invoice finance facilities price at around this level. For most businesses, the cost of finance is simply factored into their sale price or leasing fee.
Finport Finance Review
Finport Finance is a credible provider that offers trade finance to SMEs throughout Australia. Its leadership team has vast experience in international trade and the risks/complexities that come with it. Beyond simply trade finance, Finport can assist clients with letters of credit, logistics and shipping. Ensuring goods arrive hassle-free, on-time and in top condition. For international invoices, Finport will even handle the currency exchange.
The glaring issue is the lack of Finport Finance reviews that can be found online. Given they’ve been trading for eight years, we really feel it’s time they joined a trusted review site and encouraged clients to summarise their experience. This is what all of the most successful and best online lenders in Australia do.