Premium Funding is targeting large corporate business after brokers warned of banks going direct with low-cost funding options for such clients.

“Our supporting brokers were screaming for a product they could offer to their larger corporate clients,” director Ross Hayward said. “We have taken the necessary steps to assist these requests.

“We have the capital and capacity to fund these larger loans at reduced competitive rates.”

Premium Funding wrote more than $250 million in insurance loans last financial year to more than 35,000 businesses. It forecasts it will write more than $300 million this fiscal year.

The company recently employed two more staff, bringing its number of business development managers to 14.

The premium funder’s corporate offering is available to brokers from this week, for loans of more than $250,000.

Example rates include 1.8% for 30-day settlement and 10 instalments.

Mr Hayward says the product will be available indefinitely.