// Last year’s guide to growth has had to adapt, with new advice available for businesses looking for funding and getting approvals for finance…
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) recently updated the Business Funding Guide.
Released last year primarily for accountants, bookkeepers and other accredited financial advisers, the Guide is there to assist small business clients to find appropriate funding and increase chances of getting approved for finance.
The impact of COVID-19 on the Australian economy has meant the guide which was, “intended to help small businesses secure funding for growth”, has now taken on a new role.
“The focus is now firmly on their [small business’] survival” Australian Small Business and Family Enterprise Ombudsman Kate Carnell said.
Changes were also prompted following a minimal uptake of the federal governments $40B scheme to provide short-term, unsecured loans to SMEs in March this year, with less than $2B lent out so far by approved lenders.
The refreshed Business Funding Guide provides a number of tools advisors can use.
Including comprehensive up-to-date information about funding options available to small businesses, the guide also provides a “pathway” to what the ASBFEO calls, “becoming ‘finance fit’”, giving a business the best chance at success with the application process.
“While many small businesses are still eligible for government support, these measures are temporary and plans will need to be made to fund their recovery, reinvention and growth,” Kate said.
The ASBFEO has also called for SMEs to be prudent with their choice of lender.
“It is vital small business borrowers ensure their lender is an Australian Financial Complaints Authority member and talk to their trusted accredited financial adviser – who has our Business Funding Guide – before taking out a loan,” she said.
For more information, please see the ASBFEO Website, or seek professional advice.
Main image – Pexels
This article is general only and does not constitute financial advice. For more, please seek advice from the relevant financial professional.