New funding guide for business unveiled

A new funding guide for SMEs and their advisers designed to assist businesses sort fact from fiction on securing finance and new fintech alternatives has been unveiled, as part of a joint partnership between the small business ombudsman and Scottish Pacific.

“The biggest barrier to small business growth is access to finance,” said Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO).

To be formally unveiled at a media launch in Sydney on Monday morning (29 July), the Business Funding Guide is a collaboration between the ombudsman and alternative lender Scottish Pacific Business Finance.

In a joint statement, they said that the guide is “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”.

But a companion guide, called FitSME – Essential Guide to Business Funding, has also been developed specifically for business owners and operators, in a bid to help them navigate the path to secure the funding they need to grow.

“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,” Ms Carnell said.

“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!”

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Source: New funding guide for business unveiled | My Business