Inaugural business funding guide to help Aussie SMEs get ‘Finance Fit’
(29 July 2019 - Australia) An industry first Business Funding Guide seeking to help alleviate SME’s difficulties accessing appropriate business funding solutions has now been launched.
The guide, developed collaboratively by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and Scottish Pacific Business Finance, is primarily written for accountants, bookkeepers, brokers and other financial advisers, to help their small business clients find the right funding and increase their likelihood of having funding applications approved.
The Business Funding Guide targets SMEs’ trusted advisers because of the key role they play in helping business owners with financial decisions. ASBFEO and Scottish Pacific consulted widely with adviser associations and other key stakeholders representing the small business sector in producing the guide. There is also a companion guide, FitSME- Essential Guide to Business Funding, that gives small business operators the most important information they need to know about becoming ‘finance fit’.
“Business owners operate on long hours and carry a lot of responsibility, working so hard to grow their businesses. We feel very strongly that their key to success is understanding where to get assistance, including ways they can finance their enterprises, so they can find funding that fits their needs. Business operators looking to grow, employ and stimulate the economy, need to consider all of the funding options, including options that are not linked to their personal property, to make the best choice for their business” quoted Scottish Pacific CEO Peter Langham
“The biggest barrier to small business growth is access to finance. This independent guide provides comprehensive up-to-date information about a range of funding options available to them, along with a step-by-step pathway to becoming ‘finance fit’ to give small business operators their best chance at securing funding” said Ombudsman Kate Carnell.
“We know that about a third of small business owners have had their applications for bank loans rejected. Many more have not bothered to even apply as they’ve been told that unless they have significant equity in real estate, their application will fail. That’s why it is essential that small businesses understand the range of financial providers and products on the market – the big four banks are not the only game in town!” she added.
The ASBFEO welcomes feedback on the content and usefulness of the inaugural edition of the Business Funding Guide from all key stakeholders. A final version of the guide will be available in late 2019. Email feedback to advocacy@asbfeo.gov.au. The ASBFEO is an independent advocate for small business owners and family enterprises and provides assistance should they find themselves involved in business related disputes. Scottish Pacific Business Finance, established in 1988, is one of Australia and New Zealand’s largest specialist providers of working capital to SMEs.
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