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As the NSW Government marks Small Business Month, the banking sector joins in celebrating the unwavering spirit and contributions of small businesses across the state. This initiative by the NSW Government is dedicated to recognising the pivotal role these enterprises play in driving economic growth, creating jobs, fostering innovation, and enriching our communities.
In a major step to strengthen customer protections and maintain trust in the banking sector, the Australian Banking Assocation (ABA) has submitted a proposed new Banking Code to ASIC for industry consultation.
Research released by the ABA today shows total credit outstanding to SMEs at the end of last financial year had reached $588 billion – a 28% increase from the year prior.
It’s World Micro, Small and Medium Sized Enterprises Day today, which highlights the importance of the Australian small business sector as the engine of the country’s economy.
The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.
An average of $3.2 billion was lent to small business in the second half of 2021, up 24% from the $2.6 billion in the second half of 2020.
“The small business sector is already powering Australia’s economic recovery. In the three months to August 2021, $10 billion in new lending was made to small business.”
Since February 1, Australian banks have approved over $41b for SMEs and sole traders. That’s an average of $5 billion per month.
Helping businesses to remain viable and keeping people in their homes is good for everyone.
“These figures show there are some green shoots emerging in our economy and that’s a positive sign.” – ABA CEO Anna Bligh
“Banks stand ready to throw a lifeline to businesses across the country who are doing it tough through this COVID-19 crisis.”
Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.
Any business financially impacted by the effects of COVID-19 should contact their bank
Help on offer for small businesses financially affected by coronavirus Australian small businesses financially impacted by the spread of the coronavirus are being urged to contact their bank to access assistance on offer which can include deferred loan payments, waiving fees and restructuring loans. Australian Banking Association CEO Anna Bligh said any small business should not tough it out on their own… Read more »
In force since July 1 last year, the new ASIC-approved Banking Code of Practice contains a big step up in protections for customers.
Nine million Australians have dreamed of working for themselves and starting their own business. However 60 per cent cited “access to money” as the reason holding them back.