In Australia, small and medium-sized businesses are the powerhouse of the nation’s economy, making up nearly all companies and providing jobs for more than two-thirds of workers. These businesses often hit a wall when seeking money from traditional banks, facing mountains of paperwork, strict credit requirements, and demands for property as security. Andrew Spira saw this problem and created Skyecap in 2018, bringing artificial intelligence to revolutionize business lending. His company now helps thousands of Australian businesses get money when they need it, often within hours instead of weeks.
Why Banks Say No
Traditional banks treat small business loans like a high-risk game. They demand years of financial records, perfect credit scores, and valuable property before they’ll even look at a loan application. This leaves many business owners stuck. They might have a thriving business but get rejected simply because they rent their space or haven’t been operating for five years. Small businesses often need quick cash for sudden opportunities or unexpected problems, but banks move too slowly to help.
The money troubles don’t stop there. Rising prices have hit small businesses hard, making everything from inventory to employee wages more expensive. The latest numbers from the Australian Bureau of Statistics paint a tough picture: more than one-third of small businesses struggle to get loans, forcing many to drain their savings accounts or max out credit cards just to keep their doors open.
The AI Advantage
Skyecap brings something totally different to business lending with their SkyeAI system. While banks focus on a few basic numbers, SkyeAI looks at thousands of pieces of information about each business. It checks daily sales patterns, reads customer reviews, studies market trends, and even looks at social media activity. This gives Skyecap a much better picture of which businesses are likely to succeed.
The results are impressive. Skyecap can process applications and send money in hours, while banks typically take weeks. They approve 90% of applications, yet only 2.5% of loans go bad, proving their AI makes smart decisions. By 2024, they had helped over 75,000 Australian businesses and grown five times bigger in just one year.
Making Australia’s Economy Stronger
The speed of Skyecap’s system has opened new doors for all kinds of businesses. Restaurant owners can grab extra stock for busy holiday periods, builders can buy equipment for unexpected jobs, and shops can stock up for sales events. When opportunity knocks, these businesses no longer have to wait weeks for an answer, they can act right away.
Skyecap’s impact goes well beyond helping individual shops and restaurants. The Reserve Bank of Australia reports that small businesses pump $418 billion into the country’s economy every year. As the small business lending market heads toward $100 billion by 2030, companies like Skyecap will play a bigger role in Australia’s growth. Andrew Spira keeps pushing forward, rolling out green energy loans and smart tools to help businesses grow stronger. This mix of speed, smart technology, and understanding what businesses really need has made Skyecap a game-changer in Australian business lending.