COVID-19

Small business recovery aided by access to finance: Ombudsman

Toby — Mon, 13 Dec 2021 22:11:27 +0000

Small business recovery aided by access to finance: Ombudsman Toby Tue, 12/14/2021 - 09:11

13 December 2021

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson has welcomed the Australian Government’s extension of the SME Recovery Loan Scheme, providing small and family businesses with critical access to finance as they work to get back on their feet.

Under the extended scheme announced by the Treasurer today, SMEs impacted by the pandemic with a turnover of less than $250 million can access loans of up to $5 million over a term of up to 10 years.

Mr Billson says small and family businesses are well-positioned to lead the national economic recovery as pandemic-related trading restrictions ease, with targeted and ongoing support from the Australian Government.

“Small businesses are working hard to get their businesses back up and running after a very challenging couple of years,” Mr Billson says.

“The good news is that COVID-19 conditions are finally settling and that is allowing small business owners to get on with what they do best – growing their business.

“The extension of the SME Recovery Loan Scheme will offer much-needed cash flow to small businesses, giving them a fighting chance at returning to full strength.

“We hear first-hand from small and family businesses that access to finance allows them to invest and innovate.

“With the Australian Government guaranteeing 50% of loans secured under the scheme, we hope this will increase lender appetite, particularly with a focus on growth and investment lending.

“We really want to see lenders make loans more accessible to small and family businesses, especially for those with clear growth and innovation plans and for ambitious new-to-bank customers seeking finance.

“Finance is the oxygen of enterprise and those with growth and investment ambitions need additional support.

“It is support for small businesses such as the SME Recovery Loan Scheme, that is contributing to making Australia the best place to start, grow and transform a business.”

Media contact: Donna Acioli, 02 5114 6107 / 0448 467 178

Ombudsman launches mental health program awareness campaign

admin — Fri, 10 Dec 2021 02:59:55 +0000

Ombudsman launches mental health program awareness campaign admin Fri, 12/10/2021 - 13:59

23 June 2021

A national awareness campaign about a free tailored mental health support service for small business owners has begun, amid new research revealing the emotional toll on small business owners during the past year.

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson says the awareness campaign will raise awareness about Beyond Blue’s New Access for �Թ�� Owners program, which offers free one-on-one telehealth sessions with specially trained mental health coaches.

“It is vital small business owners know that help is available if they need it” Mr Billson says.

“New Access for �Թ�� Owners offers free one-on-one telehealth sessions with specially trained mental health coaches providing evidence-based advice on strategies for managing stress.

“Crucially, the New Access for �Թ�� Owners program is delivered by coaches that have experience in small business. It really helps to know that the person you’re speaking with understands what it takes to run a small business.

“We know many small business owners have been hit hard throughout the pandemic, particularly with going in and out of lockdowns and restrictions, and that has understandably taken a toll.

“New research released by Xero has found almost 7 out of 10 (68%) of 500 small business owners surveyed reported the past 12 months have been more emotionally draining than any other year they’ve been in business.

“It also found small business leaders have collectively lost more than eight million hours of sleep each week due to the demands of running their small business. Trouble sleeping can be a sign of stress.

“It’s important small business owners understand if they look after their mental health, they can also help their business.

Beyond Blue’s New Access for �Թ�� Owners program is available now.

Ombudsman welcomes support for small businesses in lockdown

Toby — Thu, 02 Dec 2021 02:25:17 +0000

Ombudsman welcomes support for small businesses in lockdown Toby Thu, 12/02/2021 - 13:25

14 July 2021

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson has welcomed the additional support to small businesses impacted by protracted lockdowns, announced by the Australian Government.

From week four of the lockdown, small and family businesses that have suffered a 30% decline in turnover, will receive 40% of their payroll payments (between $1500 and $10,000 per week) so long as staffing levels are maintained.

Sole traders who have experienced a 30% fall in revenue will receive $1,000 per week.

The payments are co-funded by the Federal and NSW Governments and will be administered by Service NSW.

“Extended lockdowns and COVID restrictions have been devastating for many Australian small and family businesses,” Mr Billson says.

“This latest Commonwealth commitment is in line with our calls for a clear national framework that identifies what support will be available as lockdowns and restrictions are introduced.

“Small and family businesses that have an understanding of what government support can be counted on when public health measures come into effect, are given a greater opportunity to plan and navigate their business through the difficult period.

“Of course the small business community needs support from the private sector as well and the banks have led with the re-activation of measures to help small businesses with loan repayments.

“It is critical that other service providers and suppliers, such as landlords and utility companies, follow suit.

“Unfortunately there has been a worrying deterioration in payment times over recent months. Now is not the time to delay paying small business supplier invoices when cash flow is essential to their survival and recovery.

“There is no doubt that lockdowns and trading restrictions put small and family businesses under enormous pressure.

“It is vital small business owners know that help is available if they need it. We welcome the Australian Government’s commitment to provide an additional $17 million in funding to crucial mental health support services.

“I encourage those in small and family businesses who are struggling to cope, to reach out by visiting our My Business Health web portal or registering for Beyond Blue’s New Access for �Թ�� Owners program.”

Banks offer certainty to small businesses impacted by lockdowns

Toby — Thu, 02 Dec 2021 01:59:33 +0000

Banks offer certainty to small businesses impacted by lockdowns Toby Thu, 12/02/2021 - 12:59

10 July 2021

The Australian �Թ�� and Family Enterprise Ombudsman Bruce Billson has welcomed the banks’ ongoing efforts to support small businesses impacted by COVID-19 lockdowns.

The Australian Banking Association says banks will defer loan repayments for small businesses affected by lockdowns throughout Australia for three months.

“This is a positive initiative that will help many struggling small businesses stay afloat in these challenging times,” Mr Billson says.

“The banks’ commitment to support small businesses through this period is highly valued and is the kind of a key support element that could be incorporated into an agreed predictable and known national framework of support.

“Such a framework, involving both Government and private sector elements, step up as COVID-inspired economic constraints and introduced, up-levelled or extended that small and family businesses can count on when seeking to navigate these challenging and uncertain times

“I would encourage all small businesses owners who are experiencing financial difficulties to call their banks now to make the necessary arrangements.

“Home loan support, including deferrals on a month-by-month basis, is also available to small business customers.

“Banks are promising to support small businesses if they need it - so long as the loan is in good standing with repayments up-to-date or there’s a payment program in place.

“It’s encouraging to see our banks taking this proactive approach and leading by example.

“This consistency from the banks will help small businesses navigate and adapt to periods of uncertainty such as this.”