Opportunity Knocks – Paul Donahoo
Paul Donahoo, Director of Snaffle for Business, has a mission to enable individuals to establish small businesses while liberating the growth opportunities that the owner can see. His background in various executive and key management positions in domestic and international markets positions him well to identify innovative solutions to the challenges encountered everyday by small businesses.
Paul’s success within the Snaffle consumer team propelled him into the role of launching the newly formed Snaffle for Business in 2021.
‘Snaffle for Business is Aspire42’s commercial leasing business,’ Paul explains. ‘We service the needs of small to medium-sized businesses, enabling investment in new equipment and technologies without the burden of significant upfront financial outlay.
‘This works very well for those seeking to establish or expand their business, as many smaller operators experience challenges with traditional funding sources,’ he continues. ‘We buy equipment for them, which they then pay off over a manageable period.
‘For example, if someone is aiming to start a dog wash business, we can fund the trailer (often a big-ticket item for a small operator). By preserving their available cash, they can invest more on marketing and advertising activities and focus on creating demand and growth. With a depth of experience in business operations and finance across multiple industry sectors, the Snaffle for Business team is well-equipped to offer solutions,’ notes Paul.
Snaffle for Business offers small business owners an alternative to traditional lending. ‘Previously, a person starting a business may have struggled to get finance from a bank,’ Paul points out. ‘We have a calibrated risk appetite, with our own lenders offering a genuine alternative. Our goal is to form long-term partnerships with all our customers throughout their various stages of growth.
‘We can therefore help fund and set people up in businesses that the banks won’t support, given they only assess applications off their risk matrix, not the experience and drive of individuals,’ Paul explains. ‘Our service represents an opportunity for people to access funding they may otherwise have been excluded from, potentially preventing them from starting up a business or supressing their potential growth.’
Snaffle for Business prides itself on dealing with a broad range of clients. ‘It’s quite diverse,’ Paul confirms. ‘As asset finance specialists, we’re dealing with sole traders or franchisees, from people with lawnmowing businesses to funding major equipment outlays such as excavators. We don’t lend money to pay off debts, so there must be an asset component (e.g. a vehicle, trailer, tools, or machinery).’
This new venture has been extensively researched. ‘Our parent company Aspire42 conducted a pilot program over a twelve-month period to analyse the market – the results were compelling,’ Paul says. ‘With more than two million small businesses operating Australia-wide, we’re ready to welcome them to explore funding options with us first.
‘Our mantra at Snaffle for Business is Enterprising Partners,’ he continues. ‘We want to form connections with people with the drive to make something of their business, so we can help them realise their dream.’
Flexibility is a key part of the appeal. ‘As we’re not a traditional bank, we’re highlighting the fact that we’ll look at business plans and financial projections to find the best solution,’ Paul explains. ‘We’re far more flexible in the way we set up and organise each loan; each instalment being 100% tax-deductible provides another advantage.’
Under Paul’s stewardship, Snaffle for Business is growing strongly. ‘The experience, support and advice we offer customers ensures we stand out,’ he confirms. ‘Potential clients can talk to one account manager without having to negotiate with multiple levels of bureaucracy.’
Backed by Paul’s drive and focus, commitment to fairness, and emphasis on transparency, Snaffle for Business is set to change the way Australian businesses think about lending.