VIC small businesses get online financial boost

By: Chris Smith


Small businesses will now be able to quickly and easily compare business loan options on a new Victorian Government website,

Small businesses will now be able to quickly and easily compare business loan options on a new Victorian Government website, the Business Loan Finder.

Small Business Minister Joe Helper says the Brumby Government was taking action to assist small business with the new website he launched today.

"I am very conscious that, in the difficult global economic conditions, many small businesses are facing increased problems with financing and cash flow," Helper says.

"That’s why we’ve developed this powerful new online tool so small business owners can quickly and easily compare their financial options at a glance.

"They can simply go to http://www.business.vic.gov.au/loanfinder and compare a vast range of complex business loans, with the website providing the real monthly costs for each option.

"As a former small business owner, I understand the challenges faced by small business people, particularly when it comes to reviewing complex financial options.

"The Business Loan Finder will reduce confusion and save valuable time for small business owners."

People using the website select some simple features they would prefer - such as amount of finance, at call or upfront loan, payback period, fixed or variable interest and type of security.

The website then accesses its database to provide detailed information on each loan option with those features and a real monthly loan cost for each option.

The website is completely independent of any financial institution or lender and is free to use.

The new Business Loan Finder will also help small business operators to make credit applications. Step by step guides help with the creation of clear and coherent documents such as cash flow projections that are required to support a successful loan application.

Helper says the educational material in the Business Loan Finder site translates financial jargon into plain English and gives links to practical business templates on the Small Business Victoria website.

Victorian Employers’ Chamber of Commerce and Industry (VECCI) chief executive Wayne Kayler-Thomson welcomed the development of the new website.

"The Business Loan Finder is a handy resource for small businesses when navigating the maze of loan products," Kayler-Thomson says.

"This is particularly so in difficult economic times where having access to finance is important and obtaining loan finance can be difficult."

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