ACCI Video conference with The Hon. Bruce Billson, The Australian Small Business & Family Enterprise Ombudsman

Australian Small Business and Family Enterprise Ombudsman The Hon Bruce Billson GAICD highlighted the challenges SMEs and, in particular tech, tourism businesses and start-ups, face in accessing capital.

He called for more accountability and transparency from banks when loans are denied.

‘De-banked’ businesses are rarely given any official reason as to why their applications are denied, Bruce said. That could have broader economic implications.

“The persistent inability of start-ups, many of which are small businesses, to access basic banking services, risks stunting Australia’s technology and financial industries through unintentionally limiting competition before their true potential can be realised.”

Bruce has recommended the appointment of an ‘appropriate entity’ that would require financial institutions to “provide clarity around the robustness of decision-making” when it comes to denying services to businesses.

“Government should be proactive in building its understanding of why financial institutions make decisions to de-bank business,” he said.

The Australian Chamber of Commerce & Industry (ACCI) held a zoom session with Ombudsman.

Bruce gave updates on recent announcements, initiatives and projects to support Australian small businesses and family enterprises, especially during these difficult times with business restrictions and lockdowns.

The ASBFEO is an independent advocate for small business owners. His office has the legislative powers needed to effectively influence our nation’s lawmakers, ensuring legislation and regulations are put in place to help small businesses grow.

Bruce is a fantastic, enthusiastic and passionate advocate for small business!

His catch cry was “the world is run by people who turn up”.