Small Business minister backs calls for financing inquiry
The Australian Chamber of Commerce and Industry
(ACCI) has labelled small businesses as a "soft target" whilst the Shadow Small
Business Minister has named them the "whipping
boy" of the Australian banking and finance industry.
It's alleged that the increasing margins between mortgage rates and small business lending rates is providing small businesses with a difficult ride. Small businesses are starting to see a growing disparity between the reductions in lend rates that they were passed at the beginning of the year, compared to the increases that have been passed on in recent weeks.
Make It Cheaper says: "Business is
about give and take, it does seem that over the past 12 months,
there's been more taking and not enough giving from Australia's
financial instutions. Unfortuntatly, small business
can often be seen as the runt of the litter, with big
business focussing on the residential and commercial sectors,
leaving small businesses without a fair
"It's good to see the ACCI recognising this and backing small business as they make up the lifeblood of the country"
Small businesses need to pay close attention to their lending rates, and not be afraid of changing lenders, using a credible independent financial advisor.