#Loan
Let’s talk about personal asset loans: Five things to know before applying
Small businesses use personal asset loans to secure the short-term financing they require to succeed.
Ombudsman calls for small businesses to share examples of ‘heavy handed tactics’ by the ATO
Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has encouraged business owners to urgently contact her office if they have experienced “heavy handed tactics” by the Australian Taxation Office. The Ombudsman, together with the inspector-General of Taxation Ali Noroozi, has been directed by the Treasury to examine cases of unfair conduct the ATO. The investigation, […]
ASIC report provides small business lenders with guidance on unfair contract terms laws
The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]
SMEs trading banks for fintechs, poll suggests
Fintech and other non-bank lenders are set to overtake banks as the preferred source of growth funds for Australian SMEs, the latest Scottish Pacific SME Growth Index suggest. [Related: Let’s Talk… Fintech, FinTech Australia’s CEO steps down but will continue to help Aussie fintechs from Asia and Fintech Code of Conduct recommended by report into best-practice for SME […]
Fintech Code of Conduct recommended by report into best-practice for SME lenders
A report outlining steps being taken by fintech lenders to increase transparency and disclosure has been released by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell, in partnership with FinTech Australia and theBankDoctor.org. The report, Fintech lending to small and medium sized enterprises: Improving transparency and disclosure, looks at the different approaches to […]
Ice breaker: MarketLend’s CEO on his mission to release SMEs from the ‘stranglehold’ of banks
After spending decades working in the ‘big end of town’, Sydney barrister Leo Tyndall turned his efforts to the ‘smaller end’, eager to help promising SMEs deprived of finance by traditional lenders. In the four years since he founded MarketLend – an online lending platform inspired by international peer-to-peer (P2P) offerings – Tyndall (CEO) […]
Small businesses urged to air grievances with the Royal Commission into the banking sector
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has encouraged small businesses that have suffered from ‘questionable conduct’ by the banks to tell the Royal Commission into misconduct in the banking industry, now underway. Regarding the Royal Commission, Carnell told Dynamic Business that she’d like to see small businesses share examples of “scenarios […]
Achieve your potential in overseas markets
The size limitations of the Australian domestic market mean that in particular sectors, small businesses struggle to achieve their growth potential. For many small businesses, these limitations can be resolved by tapping into much larger foreign markets that offer greater opportunities. The beauty industry in Australia is a good example. This market is a […]
Accountants urge government to legislate against the late payment of small businesses
The Institute of Public Accountants (IPA) has called for the Federal Government to improve the financial outlook of SMEs by introducing a loan guarantee scheme and legislating maximum payment times for business-to-business transactions. In its 2018 pre-Budget submission, the IPA – a professional accounting body representing 35,000 accountants, business advisers, academics and students – made […]
Small business interest rates hit record low
RBA data reveals the average interest on small business loans is the lowest it has been since at least 1993, with owners paying $9 billion less than they were six years ago, according to the Australian Bankers’ Association (ABA). Noting that small businesses are a significant driver of the economy, ABA Chief Economist Tony Pearson […]
Revised Banking Code leaves small businesses vulnerable to penalties, says the Ombudsman
Despite containing some positive initiatives for small business, the revised Banking Code of Practice hasn’t resolved issues with power imbalance and dispute resolution, according to Small Business and Family Enterprise Ombudsman, Kate Carnell. The Ombudsman was consulted on a draft version of the code, provided to ASIC this week for approval; however, she said she […]
First fintech, now fashion: online retail marketplace MyDeal continues to diversify
Fresh from entering the fintech game, with the launch of SME e-tailer loans in partnership with Prospa, ecommerce company MyDeal has continued to diversify its offering, with the soft launch of an online fashion marketplace. Built with the technology underpinning MyDeal Marketplace, MyWardrobe went live this week with over 5000 men and women’s products, including […]
Securing your SME’s future through capital
The mantra of many successful entrepreneurs is the idea that you must spend money to make money. It is also one of the biggest reasons that some people fail to act on their business aspirations, because they believe that they don’t have the money required to take their business to the next level. I believe […]
Prospa’s Telstra Business Award win puts the fintech sector ‘on the map’, says co-founder
Online small business loan provider Prospa has become the first fintech company to win Telstra’s NSW Medium Business Award, with co-CEO Beau Bertoli stating that the accolade shows fintech is “no longer just some startup idea”. Bertoli, who founded Prospa with Greg Moshal in 2011, spoke to Dynamic Business about the five-year-old company’s victory at […]
Using personal funds to launch: pros and cons
Having an idea for a business is the start of what can be a very exciting journey, although in truth it may feel more like a rollercoaster ride at times. In particular, coming up with the funds to get the company off the ground at a time when money is tight can be challenging. Having […]
Why banks are rejecting small business loans
When it comes to acquiring finance for your business either to get started or expand, traditionally banks have been the popular option; however, with more than half of SME loan applications being rejected by banks every year, banks are proving to be yet another hurdle for small businesses. Whether it is to fund start-up costs, […]
Overcoming the cashflow barrier to export
The Australian export market is buoyant, having grown by 4.2% in 2016, according to the latest figures from the Australian Bureau of Statistics. This is an excellent example of the hard work and innovation that is making Australian small businesses a global success. Yet small businesses still face a number of challenges before they grow successful […]
The CEO of fintech lender Sail discusses what he learnt from the start-up ecosystem in Tel Aviv
Buoyed by $8 million in seed funding, Yanir Yakutiel launched a fintech start-up in November, last year, to assist small businesses under-serviced by banks and other traditional lenders. The former finance and shipping expert spoke to Dynamic Business about Sail, including the process of raising capital and its participation in the Tel Aviv Landing Pad […]
Steps SMEs should take to secure export success
Small businesses often have specific financing needs and may require funding support to compete in international markets or to fulfil export-related supply chain contracts. For businesses trying to navigate that next growth phase into an overseas market, there are a number of differences between exporting and operating in Australia which will have an impact on […]
Raising capital – what are your options?
Building and growing a business requires a lot of effort + a little luck + investment capital. Effort is hard work over a period of time and luck is often a by-product of effort. This leave’s investment capital: deciding how to raise investment capital is not an easy decision. There is no one-size-fits-all approach to […]
NSW Government announces start-up and SME funding programs to help drive jobs growth
The NSW Government has made a suite of financial support programs available to SMEs and startups, as well as incubators and accelerators, as part of its long-term plan to accelerate jobs growth. In releasing the Jobs for the Future report on Friday, Premier Mike Baird explained that small, fast growing companies – known as gazelles […]
Survive and prosper with simple growth-hacks
Running a small business is a stressful job at the best of times but in 2016, small business owners are having to navigate the treacherous waters brought about by a rapidly changing and ultra-competitive market. A Westpac report published recently found trading conditions for Australian SMEs collapsed 14.4% over the second quarter this year. […]
Alternative lending – the long and short of it
Small business owners are each a jack of all trades – they’re CEOs, marketers, sales guns and customer service gurus all rolled into one (somewhat tightly wound) package. With their fingers in so many pies, the challenge becomes keeping on top of the new stuff – the emerging trends and technologies. With that in mind it’s no surprise […]
Is a low-doc loan for your small business?
Low-doc loans are making a comeback and they could be just the funding solution small businesses have been looking for.