The Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell is seeking feedback on the Business Funding Guide.
The guide, released in July by ASBFEO in partnership with Scottish Pacific Business Finance, is an industry-first publication aimed at accountants, bookkeepers, brokers and other financial advisers, to help their small business clients find the right funding and get ‘finance fit’ to increase their likelihood of having funding applications approved.
The Business Funding Guide was released in conjunction with a companion guide the FitsME- Essential Guide to Business Funding which gives small business owners tips on the information they need to know about preparing to apply for finance.
“The overwhelming feedback from the small business community is that a lack of access to funding is their biggest barrier to growth,” Carnell said.
“The Australian Banking Association (ABA) has even acknowledged that small business loan applications have fallen by 33% since 2014.”
ASBFEO is now seeking feedback on the guides from small business owners and their advisers.
“At the moment this is a living document that can be amended and improved based on the feedback we get, with a final version of the guide to be available later this year. Importantly, this guide is designed to help small businesses become ‘finance fit’ to give them their best chance at securing the funding they need,” Carnell said.
“Our Business Funding Guide offers comprehensive information on the range of financial products on the market – it’s crucial small business understands that the big four banks are not the only game in town!”
Carnell said that while the guide covered a wide range of funding options, for those small business operators considering obtaining finance through a mainstream financial institution, the ABA is promoting its website financingyoursmallbusiness.com.au which is a helpful resource.
Want to know more about the funding guide? Check out this story