From the Commissioner
Happy end of financial year! There has certainly been some interesting times in the past twelve months and, as we head into a new financial year with a new-look federal government, I think we can expect more interesting times ahead.
Obtaining finance remains a major issue for most small businesses, and it’s interesting to see the alternatives that are evolving to meet these needs. Peer-to-peer lending, debtor finance and crowd-funding have entered the market and many traditional banks are now also reviewing their small business lending products.
I recently had the good fortune to attend an event run by a not-for-profit organisation that does excellent work with entrepreneurs, particularly those in regional and remote areas who have the passion, but not necessarily the means to follow their dreams of business ownership.
Economic status has no influence on clever ideas, and some of the businesses that have succeeded with the help of Many Rivers Microfinance, are very impressive.
I see strong similarities between Many Rivers’ clients and those of the SBDC. Both have a creative, workable idea, a burning desire to be self-sufficient, and a long held dream of self-determination.
In many cases, the loans provided by Many Rivers are small by commercial standards, but enough to get the ball rolling, and their results are outstanding. Since the service started in WA, almost a million dollars has been loaned to micro and small businesses, with a 93 per cent loan repayment rate. Very impressive results.
We hope you enjoy our July e-news and that you’ll take this opportunity to forward the information to your members and associates. If you’d like further details on any of the issues covered this month, please contact us on 13 12 49.
Small Business Commissioner