What the large majority (89%) of small business owners will tell you is that they do not believe that business finance is easily accessible. Since the GFC in 2008, big banks have been notoriously difficult to get a loan through (especially when you haven’t been operating for 10 years with millions of dollars of consistent revenue). Typically big banks want some form of security which a lot of us small business owners simply cannot provide or are hesitant too. We are typically “all in”.
The Australian Government do provide a number of funding grants for small business and it is worthwhile checking these out. Experts say you have around a 28% chance of being successful.
One of the biggest challenges business owners face are payment delays from our own customers adding insurmountable financial pressure and cash restraints.