Government’s small business loans a welcome measure – Media Release

July 20, 2020

Morrison Government’s loans for small business a welcome measure, and customers can play their part too – COSBOA 

The Council of Small Business Organisations Australia (COSBOA) says the Morrison government’s backing for loans of up to $1 million for small businesses is a welcome initiative that will help companies bounce back from the COVID-19 recession.

COSBOA chief executive Peter Strong said the federal government’s refreshed small business lending scheme highlighted the enormous pressures facing the sector and would be a welcome support for those businesses positioned to grow in the economic recovery.

Mr Strong said: “This scheme is particularly welcome for manufacturing businesses and those who have the capacity to grow.

“These businesses can get access to more money without having to put major assets up as collateral. And they can get access to the funding for a longer period.”

Mr Strong added that loans were only one side of the equation and that businesses still needed customers coming through the door.

“Even with this excellent support for loans not all small businesses will be ready to borrow. We can all take action to support small businesses directly if we GO LOCAL FIRST.

“Spending with local businesses helps support them through the uncertainty.”

COSBOA is running a six-month campaign with funding support from the Morrison government urging Australians to GO LOCAL FIRST and shop with small, local businesses both in-store, and online.

Find out more about the campaign by searching “Go Local First”, checking out the #golocalfirst hashtag on social media, or visiting www.golocalfirst.com.au.

ENDS

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