More than half of Australian small businesses don’t plan to access financing in the next year – because it’s too hard
Butn – Many Australian small businesses say they don’t plan to access financing from a banking or lending provider in the next year because the processes are too convoluted and take too long, according to a forthcoming MYOB Business Monitor report.
Reasons small businesses gave for not accessing funding include not being available immediately, long and complex application processes that too long, and not having the time to jump through bureaucratic hoops created by banks and lenders.
Rael Ross, Co-Chief Executive Officer at Butn, a MYOB partner, said that lenders haven’t kept up with the needs of small businesses across Australia, making it too difficult to access funding.
“There are still major roadblocks for small businesses to access finance when they need it. The volatile trading conditions of the past few years have put the cashflow of many businesses under pressure, usually through no fault of their own. Their inability to access funding from traditional means quickly and effectively has put undue strains across small business operations, and their suppliers – which have flow-on effects that magnify throughout whole sectors.
“Businesses need to pay for, and be paid efficiently for, their operations to run smoothly. Yet, the latest MYOB Business Monitor is finding that this isn’t the case most of the time.”
Mr Ross said Butn has partnered with MYOB to help make cash flows more efficient for its clients, through seamless integration of invoice and debtor finance into their business accounting systems.
“Butn and MYOB have partnered together to help Australian SMEs take control of their cash flow by turning unpaid invoices into upfront cash with speed and ease. Through this we can help address a critical issue for the SME sector.”
“Our fintech platform, Butn, helps businesses control their finances, so they can focus on growth. Our invoice factoring capability has been fully integrated into MYOB’s business management platform. This provides a unique, integrated cashflow solution within MYOB’s software, delivering improved access and speed of business funding.”
“With Butn, businesses can access cash quickly through a simple technology solution. This includes a one-time registration, applying for funding of unpaid invoices at the ‘click of a butn’, and getting paid in as little as three hours.”
“Integrated and embedded solutions allow a business to spend less time taking care of their finances and business processes, and more time operating and innovating.
“It’s smart, simple digitisation helping more businesses access funding so they can thrive and succeed.”
