Government announces $2b Australian Business Securitisation Fund
On Wednesday 14 November 2018, the federal government announced a $2 billion Australian Business Securitisation Fund to help encourage lending to small business.
Prospa strongly supports this measure to help small businesses gain access to funds at a cost and on terms that will help them to grow and to employ more Australians.
This is a huge win for small business across the country. Small businesses are the engine room of our economy. They are a major driver of employment and investment, employing 44 per cent of Australia’s private sector workforce and generating 35 per cent of Australia’s GDP. And with the ability to borrow to fund their growth, small business has the opportunity to make an even larger contribution to Australia’s future economic growth and prosperity.
High costs of capital for lenders like Prospa directly impacts interest rates and the availability of affordable finance for small business. There has been a clear market failure on the supply side, with a small securitisation market attempting to solve a very large funding need.
This government intervention will deliver more affordable funding options to Australia’s small businesses at a time when their success is critical to Australia’s growth.
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