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Survey Finds Funding Gap is Stifling Small Business Growth in Australia

Research from SME Finance Forum member Xero revealed, that SMEs in Australia would borrow $80 billion over the next year, if funding was available. According to the research, SMEs reasoning for difficulty borrowing from a lender include:

  • 55 percent finding an affordable loan
  • 41 percent manually providing financials to a lender
  • 40 percent finding a willing lender

The Xero State of Lending report showed, one in five small business owners stating access to capital as the greatest hurdle or perceived threat for long-term growth aspirations. 

Global SME lender picks fight with P2P lenders

Global small business lender Capify claims peer-to-peer lenders will suffer more than most during a downturn because they lend to risky borrowers for too long, but P2P lenders say the evidence doesn't stack up. New York-based Capify lends to small business in the US, Canada, Britain and Australia. It introduced so-called merchant cash advances to Australia in 2008 under the name AusVance, which involves a business giving up future credit card takings in return for credit.
 

Member News: Xero has has partnered with the Governement of Australia to deliver small business energy program

The program involves two free tools: a personalised energy advice service and a small business energy check online benchmarking tool. AlphaBeta and Xero developed the online benchmarking tool after the Australian Competition and Consumer Commission found remaining on a contract for an extended period significantly increased the risk that a business is paying more than necessary for energy.
Article via The Sydney Morning Herald.
 

The Digital Economy: Transforming Australian Businesses

In a report by the Australian and New Zealand Banking Group (ANZ), digital tools utilized by SMEs are analyzed. According to research by ANZ, “Using digital tools saves SMEs 10 hours per week on average and boosts revenue by 27 percent. Collectively, this amounts to 22 million hours saved per week and an additional $385 billion per year in revenue across all Australian SMEs.”

According to the report, digital value is based on four different mindsets of SMEs, they include:

Member News: Xero Partnered With Tyro, Australia’s Business-Only Bank to Enhance Its EFTPOS Solution

Tyro is able to offer flexible, same-day settlement and payroll integration to benefit Australian SMEs, due to SME Finance Forum member Xero’s accounting software. 

Tyro has deleted an extra step of separately processing payroll, instead merchants can submit their information directly through Xero, which is linked to a Tyro Smart Account, according to the article. 

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