Small companies in Australia often find cash flow a problem - not only can it be difficult to grow without enough money coming in, it can also mean taking out a loan to balance the books. While there are alternatives, often business owners won't know where to look for these opportunities.
Fortunately, a recent round of government funding is set to make it easier for companies to get the right advice on their financial situation.
The federal government has recently announced $18 million in funding that will be used to finance non-profit organisations that offer services to small businesses. Different agencies can apply for up to $600,000 across three years to provide support for new firms.
While financial advice is one of the main areas organisations can receive funding for, there are a number of different services that this project is directed to. Other areas include developing management capabilities and also making greater use of digital engagement.
Applications for this current round of funding are now open, with a closing date set for November.
In a statement, Bruce Billson, the minister for small business, acknowledged the breadth of companies that this funding would be offered to.
"Ensuring small businesses - whatever their stage of start-up or expansion - have access to professional and low cost advice is an important way to ensure success," said Mr Billson.
"Small businesses employ more than four million Australians nationwide and this assistance will help the sector grow and prosper."
While this latest round of government funding offers a new opportunity to provide funding for Australian businesses, it is important for firms to consider a variety of ways to improve your firm's finances. Services like debtor finance can help companies improve their cash flow and in turn build a more profitable long-term enterprise.
If your business needs any help with working capital management via a business line of credit, debtor financing or equipment financing, contact Earlypay’s helpful team today on 1300 760 205 or visit our sign-up form.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].