Accountants claim poor access to funding is costing SMEs

Research recently conducted by online lender OnDeck has revealed accountants' funding concerns for their clients.

Seventy per cent agree that a lack of access to funding is limiting the growth of Australian small business, while 69 per cent agree there is a need among their client base for more choice of business loan providers.

The survey revealed that more than half (66 per cent) of accountants say their small business clients often discuss their frustration with a lack of access to funding for their business.

In addition, the survey also found that 70 per cent of respondents agree that small business clients who don’t have equity in their home find it more difficult to access funding than those who do.

“Many business owners don’t believe they would qualify for a business loan, especially if they don’t own a house to put up as collateral,” Cameron Poolman, CEO of OnDeck Australia, said.

“But at OnDeck, we actually want to lend to small business, so we came up with a different way to decide if a business can repay their loan,” Mr Poolman added.

OnDeck entered the Australian market in April 2015 through a distribution partnership with MYOB.

“Our partnership with OnDeck is part of our ongoing commitment in helping businesses succeed. We want to see Australian businesses grow and thrive, and the access to cash flow that OnDeck provides can play an important part in achieving that goal,” said James Scollay, MYOB general manager, SME Solutions.