Wizard waves wand at small business

Wizard Home Loans is hoping to spread its magic into business lending with a new product aimed at small and medium-sized enterprises (SMEs).

The non-bank lender is best known for its home loan offerings but it also has a range of commercial finance products, including equipment finance and fleet solutions.

The new business loan offers financing of up to $5 million and an approval process that can be completed within 24 hours.

Wizard chairman and founder Mark Bouris said small businesses were under-served by existing lenders.

"Despite the fact there are more than 2.1 million small and medium businesses in Australia, it would appear they aren't a priority for many lenders," he said.

The new Wizard product comes amid this week's run of weak economic reports on business expectations, consumer sentiment and financing for housing.

But Mr Bouris is optimistic Wizard can seize market share.

"While it's all good and well for banks to claim they similarly understand SMEs, their sheer size and scope makes it near impossible to fully appreciate the trials and tribulations of running a small business," he said.

"Make no mistake, we are going to target this market with the same vigour and enthusiasm that made Wizard so successful in the home loans market."

Meanwhile, Wizard's owner, GE Money, is continuing a strategic review of its options for the business which include moving the lender into a strategic partnership, joint venture or a complete sale.

GE Money's Australian head Mike Cutter said there had already been a number of expressions of interest in Wizard from local and international parties.