Migrants own and run one-third of Australia’s two million small businesses. But some are being forced to shut up shop due to lack of finance, industry experts say.
“If we really want to get the economy moving, and we really want to address unemployment, we really need to get those small businesses employing.”Research has found an $83 billion funding gap in small and medium business lending, due in part to tighter lending restrictions since the banking royal commission.
“It is most definitely harder to get credit now, even if you have a good set of accounts there are still hoops to go thru and no guarantee especially if you’re self-employed.”Ms Calleja said lack of access to funding is having a major impact on the retail sector. Chartered accountant Harry Grewal started up a transport business two years ago. The 36-year-old took out loans to the value of $1.3 million from non-bank lender Scottish Pacific Business Finance.Harry Grewal obtained non-bank finance to start his transport business.Although the business has grown steadily for two years, Mr Grewal isn’t switching to bank finance.Small and medium enterprise challenger bank Judo is also helping Australian businesses get finance.
bizsecretssbs Thanks SBS! It was a pleasure to take part in the small business funding guide launch. This interview highlights the issues migrant small biz are facing in terms of lending for growth and/or cashflow requirements.
bizsecretssbs Its because banks hate small businesses and the government doesn’t protect small business like they protect the banks. Unfair playing field. The best way around it to use other financial institutions.
bizsecretssbs No our banking system only lends money for housing speculation and other like minded ponzi schemes.
bizsecretssbs i am very surprised that there are still small businesses out there, socialism destroys that
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