The biggest barrier to small business is finance says Scottish Pacific
Posted: 25 Jun , 2020By: Cec BusbyManaging Finance
If you’re a small business owner, you no doubt understand having access to finance and good cash flow are vital to keeping your business in business. Yet many of the nation’s SMBs are ignorant of their finance options, often turning to the big four when alternative finance may suit better.
That’s why the Australian Small Business Ombudsman, Kate Carnell has joined forces with Scottish Pacific to deliver The Business Funding Guide.
This resource explains in simple terms the options and processes a small business needs to take to secure finance. It delivers a five-step process to financial fitness and outlines various funding options available to small business owners.
Speaking to Kochie’s Business Builders at the time of the guide’s launch in 2019 Ombudsman Kate Carnell said she hoped the information in the guide would assist small business owners and their advisors to find the right funding to suit their needs.
Carnell told KBB many young small business owners were feeling the pinch of the credit crunch, unable to secure access to finance.
“One of the things we know, particularly for young business owners – and we’re talking people up to the age of 45 – many of them don’t have much equity,” says Carnell.
“They don’t have a lot of equity in bricks and mortar, and banks have only traditionally lent based on the equity in bricks and mortar.
“So, what this document does, is explain the other sources of finance that exist. Everything from fintech to invoice financing to trade financing. There are a lot of different products in the marketplace and it talks about the different pros and cons and scenarios that each type of funding is most appropriate for.”
Download The Business Funding Guide