Hayne Report Good for Small Business
The Australian small business community has responded well to the recommendations flowing from the Hayne Banking Royal Commission. The report has recommended that the responsible lending laws for consumers not be extended to small businesses, because this would be likely to increase the cost of credit, and make it harder for small firms to get loans. The report also recommends expanding the definition of ‘small business’ in the industry code of conduct to include any business with fewer than 100 full time workers, and where the loan applied for is less than $5million (up from 20 employees and $2million). The Treasurer Josh Frydenberg said “The government is committed to ensuring access to affordable credit for small businesses.” Australia is a stable and supportive environment to invest in small business. Contact First Choice Business Brokers to make your next business transition. Call 9899-1888.
