Small business recovery aided by access to finance: Ombudsman

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has warmly welcomed the Australian Government’s extension of the SME Recovery Loan Scheme, providing small and family businesses with critical access to finance as they work to get back on their feet.

The extended scheme announced by the Treasurer, The Hon Josh Frydenberg, Small to medium enterprises (SMEs) impacted by the pandemic with a turnover of less than $250 million can access loans of up to $5 million for up to 10 years.

Mr Billson says small, and family businesses are well-positioned to lead the national economic recovery as pandemic-related trading restrictions ease, with targeted and ongoing support from the Australian Government.

“Small businesses are working hard to get their businesses back up and running after a very challenging couple of years,” Mr Billson says.

“The good news is that COVID-19 conditions are finally settling, allowing small business owners to get on with what they do best – growing their business.

“The extension of the SME Recovery Loan Scheme will offer much-needed cash flow to small businesses, giving them a fighting chance at returning to full strength.

“We hear first-hand from small, and family businesses that access to finance allows them to invest and innovate.

“With the Australian Government guaranteeing 50% of loans secured under the scheme, we hope this will increase lender appetite, particularly focusing on growth and investment lending.

“We want to see lenders make loans more accessible to small and family businesses, especially those with clear growth and innovation plans and ambitious new-to-bank customers seeking finance.

“Finance is the oxygen of enterprise, and those with growth and investment ambitions need additional support.  

“It is support for small businesses such as the SME Recovery Loan Scheme, is contributing to making Australia the best place to start, grow and transform a business.”