Ready to Scale Your Business but Don't Have the Funds?
Small to medium enterprises (SME’s) are the lifeblood of the Australian and New Zealand economy; the first to hire in an economic expansion and the last to fire in a downturn. In Australia, SME’s are responsible for 44 percent of total employment, and in New Zealand, roughly a third of all workers are employed by an SME. Yet when it comes to securing credit, banks are not so eager to hand over the cash.
For SME’s operating in the ANZ region, almost 60 percent of them reported that the availability of credit was a barrier to business growth; as was the cost of credit (5%) and conditions of credit (65%), according to Scottish Pacific Business Finance.
In further research, the Businessloans.com.au Small Business Credit survey completed by 611 Australian SMEs with an average minimum revenue between $50,001 and $250,000, reported that more than half of all SME’s who applied for credit last year ‘did not receive what they were looking for’.
According to the survey, 33% of small businesses said they delayed expansion plans because of insufficient access to credit and a further 28% said they couldn’t fulfill orders because of a lack of credit.
What this research reveals is that there is a key misconception amongst SME’s when it comes to accessing business finance; banks aren’t the only option.
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