Access to capital is key to rebooting our small business economy
The response from both government and industry this year has been swift, unprecedented and effective, helping thousands of cafes, retailers, tradies, and hairdressers to make it through the pandemic.
Everyday New Zealanders have also done their part, supporting Buy Local campaigns and rallying behind business owners in their communities. But as we enter the new year, we need small businesses to thrive, not just survive, and access to capital remains a key barrier to growth. If small businesses are the engine room, capital is their fuel and improving access will be crucial for rebooting the economy.
It has often been difficult for small businesses to access funding from banks and traditional lenders, and for many it is not getting any easier.
Banks can find it tough to assess small business credit in an efficient way and for many small business owners, securing a yes from their bank can require a significant amount of time and often securing that loan against a property. Unsurprisingly, in today’s housing market, that is not always a realistic option. Especially for younger entrepreneurs.
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