Small and medium-sized businesses are the backbone of Australia’s economy, making up 95% of all companies and giving jobs to more than 8 million people. For years, these businesses struggled to get money from banks because of strict rules and long waiting times. Everything changed in 2018 when Andrew Spira created Skyecap, using artificial intelligence to make business loans faster and easier. Now, instead of waiting weeks for a bank’s answer, business owners can get money in their accounts within hours, helping them grow and succeed.
The Old Banking Problem
Getting a business loan from a bank used to feel like climbing a mountain. Banks wanted to see perfect paperwork going back many years, spotless credit records, and proof that business owners had valuable property to use as backup. This left many successful businesses stuck without options, even if they were making good money, just because they rented their shop space or hadn’t been open for five years yet.
The problem got worse as prices went up everywhere. Small businesses had to pay more for everything – from supplies to worker salaries. A recent study showed that 35% of small businesses couldn’t get bank loans at all. This forced many owners to empty their savings accounts or max out their credit cards just to stay open.
Smart AI Makes Everything Faster
Skyecap’s computer system, called SkyeAI, works like a super-smart business detective. While banks might only look at a few numbers, SkyeAI checks thousands of pieces of information about each business. It looks at how much money they make each day, what their customers say about them online, and even how well similar businesses are doing in the same area.
The results show how well this works. Skyecap says yes to 90% of businesses that ask for loans, but only 2.5% of those businesses fail to pay back the money. That’s because the AI is really good at figuring out which businesses will succeed. By 2024, Skyecap had already helped more than 75,000 Australian businesses and grown five times bigger in just one year.
Making Australia’s Economy Better
When businesses can get money quickly, they can do more things to grow and succeed. A restaurant can buy extra food before a busy holiday weekend. A builder can get new tools when they win a big job. A shop can stock up on items before a big sale. All of these things help businesses make more money and hire more workers.
The changes Skyecap brings affect the whole country. Small businesses add $418 billion to Australia’s economy every year, according to government reports. Experts think small businesses will need to borrow about $100 billion by 2030, and companies like Skyecap will play a big part in making that happen. Andrew Spira and his team keep creating new kinds of loans, like special ones for solar panels and wind power projects. They also make digital tools that help businesses keep track of their money better. This mix of quick decisions, smart computers, and really understanding what businesses need has made Skyecap a crucial part of helping Australian businesses grow stronger.
