SME Growth Fund Highlights Financing Needs for Private Sector: CCIQ

Tuesday 23 April, 2019 | By: Dan Petrie and Thomas Birkbeck

The Chamber of Commerce and Industry Queensland (CCIQ) has welcomed the announcement of a Federal Government led SME Growth Fund, dedicated towards expanding the commercial operations of many of the nation’s leading small to medium sized businesses.

CCIQ notes that the lending to business remains subdued as banks observe stricter lending criteria which forces many businesses to fund significant expansion from recurrent turnover which essentially leads to slower economic growth emanating from the private sector.

CCIQ Head of Industry, Dan Petrie said the announcement, whilst recognizing the value of the small business sector, highlights the collective frustration many in business feel regarding financing for equipment and expansion.

“The government in large part is announcing a package that reflects the frustrations many businesses have around accessing finance.

“If anything this program will demonstrate that lending to business can be quite lucrative for many players in Australia’s finance sector.

“Ideally, Australia’s bank and finance institutions need to divert away from a property market that has little room left in terms of growth and focus on businesses with strong cash flow ready to make that step into becoming bigger operating entities,” Mr Petrie said.

CCIQ urges policy makers across all political parties to acknowledge the crucial role small business plays in the Australian economy.

----------------------------------- ENDS ------------------------------------
Dan Petrie
Media and Communications – Economy and Government
Chamber of Commerce and Industry Queensland
Ph No: 07 3192 0120 (Landline)
Dan Petrie -Mobile: 0408 919 767 
Email: dpetrie@cciq.com.au

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