Recently in Australia, the Tyro Smart Growth Grant program has called for for particular businesses in the retail sector to be able to receive up to $25,000 for an increase in business efficiency as well as sharing innovative ideas. There could be up to a total number of 10 small to medium-sized retail businesses that will receive the money.
- Ensuring these businesses have access to cash-flow-based lending and efficient solutions that allow them to invest, innovate and grow, is absolutely critical to sustain the engine room of the Australian economy.
- his is important because while SMEs provide about 50 per cent of private sector employment and contribute 46 per cent of GDP, their contribution is slowing.
- Our research tells us that inefficient business banking processes cost small businesses on average $7,800 per year, or almost $7 billion nationally.
“Australian small businesses in the retail sector could receive up to $25,000 each for increasing business efficiencies and sharing innovative ideas on how to boost business growth.”