A recent report has shown that SME growth in Australia is being restricted due to the inability of small businesses to receive credit lines that they need to expand her business. About 60% of businesses that applied for credit last year did not receive what they were looking for.. This highlights the need for brokers and advisers in helping small businesses looking for loans as well as the business needing to look in the right place and pursue the right avenues to get a credit line.
Key Takeaways:
- Many small businesses in Australia are having problems obtaining credit.
- These small businesses often don’t know all of the options they have for obtaining credit.
- The inability to gain credit is slowing down growth for these small businesses.
“The Businessloans.com.au Small Business Credit survey, conducted by ACA Research, found that more than 60 per cent of Australian SMEs who applied for credit last year did not receive what they were looking for.”
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