Sep
01
2015

Great article about integrity, a quality that everyone in business should possess!

http://bit.ly/1UgqGWH

Aug
28
2015

Some great tips about growing your business responsibly!

http://bit.ly/1LEWllj

Jul
21
2015

Can comedians really teach us about business?

An interesting article about skills that comedians and business owners should share!

http://www.flyingsolo.com.au/working-smarter/performance/comedians-can-teach-business-owners

Jul
17
2015

All about small business!!!

Looks like things might heat up for SME’s at the next federal election! Lets hope we get some good policies!!

http://www.smartcompany.com.au/growth/economy/47682-bill-shorten-next-federal-election-will-be-about-small-business.html

Jul
16
2015

Tax time for SME’s

Small businesses are being hit up for 60% of the Australian Tax Office’s $20 billion debt recovery, a review into debt collection reveals.

http://www.smartcompany.com.au/finance/tax/47637-small-business-bears-the-brunt-of-60-of-tax-office-s-20-billion-debt-recovery-igt-report.html

Jul
13
2015

Help for Australian Exporters

“While Australian SME exporters continue to win contracts against global competitors, many find it difficult to access the finance they need to secure these opportunities…..

The good news is that recent legislative changes have improved this situation and will allows us to help more SME exporters access the finance they need to succeed overseas.”

Read More: http://bit.ly/1HmTg1g

Jul
10
2015

Alternative lending means more growth for SMB’s

We at Nova act as as an alternative to traditional lenders. Having different funding options is vital for the small business community because it allows them to choose the option which will work for them.

The below article is a great example of how alternative lenders are helping grow the small business sector.

http://bit.ly/1HdtWe2

Jul
08
2015

Why we need cashflow

This is a great article that highlights the importance cashflow in small business.

http://bit.ly/1LHbeBR

If you think you need cashflow then contact us at http://nbf.com.au

Jul
03
2015

Tax changes will boost small business

The Tax Laws Amendment (Small Business Measures No 3) Bill 2015 proposes tax discounts and will allow small business owners to deduct start-up costs from their tax return. The bill is set to be debated when parliament returns in August.

Read more here: http://bit.ly/1HzRYV6

If you need help with cashflow, contact us here: http://nbf.com.au

May
30
2013

COSBOA Seeks better access to finance for SME’s

Roundtable reveals “stand-off” between banks and small business

Thursday, 30 May 2013 11:57

Cara Waters

A roundtable hosted by the Council of Small Business of Australia (COSBOA) in Canberra yesterday revealed small business seeking access to finance and the banks are currently in a stand-off.

The roundtable brought together representatives from small business, Treasury, the Reserve Bank, the Australian Tax Office, the Australian Prudential Regulation Authority and the Australian Bankers Association.

Steven Munchenberg, chief executive officer of the Australian Bankers Association, told SmartCompany there has been a gap in understanding between the banks and small business.

“Largely because for some time we have had a stand-off where small business representatives have claimed there is a widespread problem getting access to finance from banks and banks say they want to lend more to small business,” he says.

“At the roundtable, we were able to drill down and understand what the actual impediments to lending are.”

Munchenberg claims “the vast majority of small business are not actually interested in getting access to finance”, but acknowledges those businesses which are interested say they have issues.

“A lot of it is around communication problems between the banks and small business seeking credit,” he says.

Munchenberg says small businesses don’t have a clear picture of what it is a bank is looking for when they assess a credit application.

“A bank will be looking at cashflow, reliability of cashflow, experience of the business,” he says.

“Small businesses need to be able to tailor their applications in a way that will maximise their chances of success.”

But Peter Strong, executive director of COSBOA, told SmartCompany the number of small businesses which have problems accessing credit has a far-reaching impact on the community and economy.

“10% of small business says accessing finance is a problem, but if you look at that it is 200,000 people,” he says.

“And the people trying to access finance are those who want to grow and want to employ other people.”

Strong says he told the roundtable small business could not be treated as one big homogenous group.

“The banks know they need to communicate better, if you don’t get a loan from the banks you really need to know why and that can help you next time,” he says.

“Far too many people don’t get a loan and don’t know why at the moment.”

Strong’s view is echoed by small business owner Elizabeth Ball, who commented yesterday on SmartCompany‘s story about the roundtable about her experience with ANZ, who she had been with for 15 years.

Ball ran into trouble when she applied for a merchant account with ANZ on top of her savings, business, mortgage, credit card and ETrade accounts.

“I got a photocopied rejection letter (not even fresh letterhead!) addressed ‘To The Owner’ of my company, and a two-line standard rejection notice,” she says.

“I rang the number specified for more info and got a very cold young woman on the phone telling me now I’d been rejected, not to bother applying again for six months.”

For alternative finance options for SME’s visit Nova Business Finance

 
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