Two small lenders have reported that their funders have either renewed or extended their facilities, in a vote of confidence for specialist credit providers in the local market.

Cash Converters announced that it has extended its lending facility with US private equity firm Fortress Investment Group, while QuickFee has increased its local and overseas facilities.

Cash Converters’ relationship with Fortress started in 2016, when it entered into a A$100 million securitisation facility for its small amount credit contract book. A year later the facility was extended to cover the company’s larger loan and auto loan books, increasing the limit to $150 million.

The term was originally December this year but earlier this week it was extended to December 2022.

Cash Converters chief executive Sam Budiselik said in a statement that the company has tightened its credit criteria and is originating at lower volumes.

QuickFee, which provides a form of invoice financing to accounting and law firms and has operations locally and in the US, announced that its US lender, fixed income investment manager Global Credit Investment, has increased its debt facility from US$5 million to US$10 million.

And its local funder, Lease Collateral, has increased its facility limit by A$5 million to $25 million “on substantially the same terms”.