SME access to finance a problem: FSI acknowledged

The Financial System Inquiry’s (FSI) acknowledgement that access to finance for small business is a problem has been welcomed by the Institute of Public Accountants (IPA).

The observation made in the FSI interim report states that there are structural impediments for SMEs to access finance.

“The IPA has long advocated for better access to affordable and responsible finance for small business,” said IPA chief executive officer, Andrew Conway.

“Sources of finance are viewed as major obstacles and challenges to business growth.

“The sustainability and growth of small business is crucial to Australia’s economy, both in terms of productivity and prosperity.

“We are currently working through the consultation process for the industry led Australian Small Business White Paper and access to finance is one of the key policy areas that we recognise has to be addressed.

“Access to affordable and responsible finance can be the difference of whether a business flourishes or flounders,” said Mr Conway.