ISCOVER
The non-bank lender has slammed the NSW government for its move to scrap a business support program, calling for its immediate reinstatement.
Online small business lender OnDeck Australia has called on the Minns government to urgently rethink the decision to scrap the NSW Business Connect program.
First launched in 2017, the NSW Business Connect service offers free, tailored advice in one-on-one sessions on topics such as cash flow and finance needs, business planning, and marketing.
Support comes from a range of advisers and business professionals, such as finance specialists, including accountants and CEOs, who have experience running their own business and qualifications in a business-related discipline.
The program had helped support more than 60,000 businesses with their growth plans up to the end of 2024.
However, the NSW government will close the program on 30 September 2025, after shutting off funding for the program in the state budget, which was released in June.
OnDeck CEO Cameron Poolman has now urged the Minns government to urgently reconsider its decision to scrap the Business Connect program, stating it was “frustrating to see funding for Business Connect being pulled at a time when many small businesses face headwinds from reduced consumer spending and rising utility costs”.
“Now more than ever, access to financial literacy programs, ongoing education and expert advice is vital to help business owners navigate these challenges and build more resilient enterprises,” he said.
The SME lender also outlined that the program had proven highly valuable to the sector, delivering 53,943 hours of support between October 2023 and December 2024.
“More than a support service, Business Connect lets business owners connect with real experts to help plan, establish and grow an enterprise – and that’s exactly the support small businesses need right now,” he said.
The CEO also noted the irony that the program’s cessation will come just ahead of NSW Small Business Month, which will be held in October.
“It is hard to fathom why a proven, cost-effective program like Business Connect is being scrapped at all, let alone on the eve of the state’s Small Business Month. It sends the wrong message to the NSW small business community,” he said.
“Success doesn’t happen in a vacuum – especially for small businesses. Programs like Business Connect provide the expert mentoring and scaffolding support that small businesses rely on to succeed.
“Other states, such as Queensland, offer Small Business Support Networks that deliver free financial counselling, wellness coaching, and support services designed to help small businesses.
“By axing funding for Business Connect, NSW runs the risk of losing entrepreneurs to other, more supportive states.”
As such, OnDeck is calling on the NSW government to not only “immediately reinstate funding” for Business Connect through to 30 June 2026, but also go a step further by launching a formal review to identify enhancements for future delivery.
“The cost of continuation, estimated at $10 million annually, is a tiny blip in the broader NSW state budget,” the OnDeck CEO explained.
“But the cost of withdrawal could be significant – lost businesses, lost employment opportunities, and lost economic momentum across the state of NSW.
“If the NSW state government can afford to spend $750 million on a new Sydney Fish Markets and $309 million redeveloping Penrith Stadium, surely it can find $10 million annually to maintain Business Connect to support the state’s 870,000 small businesses.
“We urge the government to act before the 30 September deadline to prevent disruption during the most critical promotional month for small businesses.”
The call has been echoed by Anne Nalder, the CEO of the Small Business Association of Australia, who commented: “Governments love to talk about how small businesses are the engine of the economy – but when it comes to practical, tangible support, they’re often nowhere to be found.
“Small business owners are already overloaded – expected to navigate complex legislation and regulation across local, state, and federal levels. It’s simply too much. That’s where programs like Business Connect make a real difference.”
Brokers increasingly writing business finance
The calls come as more SMEs turn to advisers, including finance brokers, for support with their cash flow.
Earlier this year, the Mortgage and Finance Association of Australia (MFAA) revealed that the value of commercial loans settled by mortgage brokers had risen to its highest level on record.
Commercial mortgages were written by 37 per cent of brokers in the year to April 2025, with an additional 28 per cent planning to start offering them over the next 12 months, according to new Agile Market Intelligence research.
Business loans also continue to build momentum, with 26 per cent of brokers active in the past year and 23 per cent signalling intent to start writing them in the next 12 months.
Brokers have also recently told The Adviser that they are exploring opportunities in commercial and asset finance.
Marco Conciatore at MDC Finance Group told The Adviser on Monday (11 August): “Right now, I’m [working on] a whole manufacturing $7 million equipment finance loan, and he [the client] needed trade finance, he needed cash flow loans, he needed balance sheet loans, and stuff like that. So not only did I do the home loans for the children and everyone else, but I did the business side of things.”
To hear more about how brokers can become partners to business clients, come along to the SME Bootcamp 2025. The event will be held in the following locations:
- 11 September at Sofitel Melbourne on Collins in Melbourne
- 16 September at Mantra on View, Surfers Paradise on the Gold Coast
- 18 September at Le Montage, Lilyfield in Sydney
Click here to register for the free event.
[Related: Record number of mortgage brokers diversifying into commercial]
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