The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed plans by the Victorian Government to establish a $250 million Business Growth Fund to help small and medium businesses access capital, and looks forward to seeing further details about the fund.
"I'm supportive of any initiative that gives SME operators access to funding at a time when they are being heavily impacted by tightening requirements by lenders," Ms Carnell said.
"We know that the biggest barrier to SME growth is access to finance.
"While we understand the design of the fund has yet to be finalised, it should be focused on long-term funding solutions for SMEs.
"Ideally, the fund would allow SMEs to access amounts between $250,000 and $5 million, with terms up to seven years.
"The involvement of superannuation funds in providing an initial pool of capital is also something we have previously recommended."
