SME Finance Guide launched by ABA & COSBOA
(3 September 2019 - Australia) The Australian Banking Association (ABA) and the Council of Small Business Organisations Australia (COSBOA) launched a new website offering a “step-by-step guide” for small business credit applications.
www.financingyoursmallbusiness.com.au provides a range of resources for aspiring small-business owners, including a step-by-step guide to applying for finance. The website contains content developed in conjunction with CPA Australia previously including templates, checklists and other information for creating a business plan, using a trusted adviser, and applying for small-business finance. Coinciding with the launch of the website the ABA released its new report SME Lending in Australia, which stated that 94 percent of loan applications submitted by small businesses to ABA member banks had been approved in the last 18 months while cautioning that the number of new borrowing applications has fallen by 33 percent in the last five years.
The launch of the Financing Your Small Business website follows the release of the new Business Funding Guide developed by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell in partnership with Scottish Pacific Business Finance. The Business Funding Guide is importantly targeted towards brokers, accountants, bookkeepers and financial advisers because of the key role they play in helping SMEs with financial decisions. The ASBFEO-Scottish Pacific guide gives tips for getting business accounts in order, structuring a business plan, finance fitness checks, how to identify the right type of funding, debt options and other valuable resources.
“There could be many reasons for the downturn, including believing that they won’t get a loan, thinking it takes too long, deeming the application process too complex, or they’re simply borrowing money from other sources. Encouragingly, there has been a lift in the June quarter. It’s early days, but we hope that it will continue” stated ABA CEO Anna Bligh.