Home featured Heath Fitzpatrick, COO at ebroker Expert Featured Expert Why Gen Y are moving to non-bank lenders Heath Fitzpatrick August 5, 2019 Gen Y is all about “on demand”. From TV to food and clothes, this is a generation all about convenience. Having been brought up immersed in technology, Gen Y like to order what they want, when they want, and from the comfort of their own homes. This is equally true with managing their finances. Generally speaking, Gen Y small business owners are not going to be keen to arrange a time to sit down with their bank manager. This is precisely why Gen Y and fintechs are such a match made in convenience heaven. Repeatedly, research is showing that Gen Y small business owners are applying for loans to enable their business to reach their potential but being rejected. Research is showing that plenty of business owners (around four in 10) are applying for loans but more than a third of applications were rejected. Around 39% have failed to get the required finance. The number of loan requests being declined by banks is suspected to be even higher – more than half. That’s a lot of business potential not being fulfilled. Why is this happening? Well, it’s widely speculated that Australia’s youngest small business owners are struggling to get finance because they don’t own their own home. The soaring property market across the country over recent years swiftly explains why homeownership figures have floundered. Perhaps homeownership was