A new website has been launched to provide a “step-by-step guide” to applying for small-business loans.
The Australian Banking Association (ABA) and the Council of Small Business Organisations Australia (COSBOA) have launched a new website, providing a range of resources for aspiring small-business owners, including a step-by-step guide to applying for finance. The website contains content developed in conjunction with CPA Australia previously.
The website (financingyoursmallbusiness.com.au) contains templates, checklists and other information pertaining to creating a business plan, using a trusted adviser, and applying for small-business finance.
Coinciding with the launch of the website, the ABA released a report, titled SME lending in Australia, which stated that 94 per cent of loan applications submitted by small businesses to ABA member banks had been approved in the last 18 months.
However, the number of applications lodged has fallen by 33 per cent since 2014.
Commenting on this finding, ABA chief executive Anna Bligh said: “There could be many reasons for the downturn, including believing that they won’t get a loan, thinking it takes too long, deeming the application process too complex, or they’re simply borrowing money from other sources.
“Encouragingly, there has been a lift in the June quarter. It’s early days, but we hope that it will continue.”
The launch of the Financing Your Small Business website follows that of the Business Funding Guide developed by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell in partnership with Scottish Pacific Business Finance.
The Business Funding Guide, however, is targeted towards brokers, accountants, bookkeepers and financial advisers “because of the key role they play in helping business owners with financial decisions”.
The ASBFEO-Scottish Pacific guide covers a range of topics, including: tips for getting business accounts in order, what a business plan should include, finance fitness checks, how to identify the right type of funding, debt options and other relevant resources.
[Related: New SME funding guide launches]