Close

Choose your country

Or view all businesses for sale

Worldwide

AUSSmallBusinessHelp

Financial Solutions for small businesses in Australia

Small businesses in Australia face an ongoing struggle. However, there are measures in place to keep you stable and help you grow.

According to the Australian Taxation Office, a small business is an enterprise that generates less than $2 million per year.

The Fair Works Australia reports describe it as an organisation with less than 15 employees. Based on these descriptions, there are thousands of small businesses in the country.

Small businesses in Australia constantly face a struggle in securing and accessing reasonable finance solutions. After the harsh economic effects of the pandemic, these businesses require steady financial support to build up their working capital and maintain operational capacity.

Small businesses are the main drivers of the Australian economy, representing 35% of GDP and 44% of the Australian workforce, but do not receive the right amount of attention.

According to the Reserve Bank of Australia, many SMEs have failed to secure financial credit since 2019 because:

● The small businesses' request for credit is too late

● Small firms have to pay a higher interest rate than large companies

● The bank supply chain finance lacks the required technology to incorporate many small businesses

● There's an apparent misunderstanding on the use of financial credit

Despite the problems faced due to lack of finance credit, there seems to be a change on the horizon. If you're struggling to get some much-needed financial credit to boost your business, there are useful funding options for entrepreneurs.

There are many potentials to be unlocked when SMEs can gather substantial financial assistance from the right authorities.

Financial credit can improve the overall outlook and performance of a business by purchasing new equipment, sprucing up your workplace, or generating a new marketing campaign. These solutions may be what you need to grow your small business into a large corporation.

Let's explore the available funding options for small businesses in Australia:

● Alternative and Accessible Funding Options: These accessible funding options include short-term loans offered by fintech organisations that can be applied for through a streamlined application procedure

● Government Program Grants: small enterprises are offered government-sponsored grants depending on their type of business and their need for extra funding

● Business Enterprise Centers: Business Enterprise Center (BEC) will offer small businesses networking opportunities and leverage the time, knowledge, and effort put into the business. They are non-profits located in each state of the country.

●Non-conventional funding sources: Small businesses can also fund their business through tax breaks, business-to-business loans, and social media outreach.



Megan Kelly

About the author

Megan is the Content Manager for Dynamis and writes for BusinessesForSale.com, the world's biggest marketplace for businesses for sale.

@Be_theBoss

Subscribe to our email updates

Sign up to receive the latest advice, most popular businesses, special offers and much more.

I'm interested in


BusinessesForSale.com is committed to protecting your privacy. We will use the information you provide on this form to send you marketing emails . Find out more about what we do with your information in our Privacy Policy.
Marketing Emails: You will receive newsletters, advice and offers about buying and selling businesses and franchises. We will also send you information about events relating to buying, selling or running a business.

Are you a Business Owner?

Set up your Private Seller Account and create your listing today

Get Started Here

Are you a Business Broker?

Set up your BrokerWeb Account and list multiple businesses

Get Started Here