Finnovate is a new website backed by Brisbane-based A Class Business Finance.

The comparison site allows users to jump online and quickly compare equipment finance options from a range of lenders, including ANZ, Bank of Queensland and Westpac.

Director Chris Beath said the team behind Finnovate had plenty of experience in the printing industry. 

“A Class Business Finance’s core business is manufacturing. The three key industries are printing, woodwork and engineering. Printing has been a staple of the business for going on three decades,” Beath told ProPrint.

He said that before Finnovate, it could be a confusing and laborious task for a would-be borrower to get a true picture of finance options.

“There has been a longstanding lack of legitimate competitive pressure in the SME loan segment, largely due to the fact that lenders keep their rates very close to their chests, and borrowing insight has suffered because of this,” said Beath.

Printers could use Finnovate to finance anything from pre-press to presses and post-press equipment such as folders and guillotines, said Beath.

However, any transactions over a million dollars, such as a new perfector, would be dealt with personally by the Finnovate team, he added.

Two big exceptions on the Finnovate roster are Commonwealth Bank and NAB, but Beath said both should be on board in the next six months.

He admitted that the printing industry had received a bit of a bad rap from lenders due to some notable losses, but that shouldn’t hurt the average printer’s chances of securing finance.

“The printing industry has been on a bit of watch list for the past couple of years. Some financiers have taken significant losses in the printing industry but there are a lot of financiers who are receptive to the printing industry. I can’t think of one that would rule out an entire industry,” said Beath.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter