A NEW fund to help small and medium businesses access finance has been welcomed by the Australian Meat Industry Council, which represents more than 1500 small and medium enterprises (SMEs) in the butcher, smallgoods, boning, wholesale and export sectors.
AMIC chief executive officer Patrick Hutchinson says the organisation is hoping to meet with government representatives soon to better understand how the fund may apply to its members.
"Last week the Morrison Government announced it would commit $2 billion to establish a fund to help SMEs access finance. This is great news for our SME members, who, like many smaller businesses across Australia, can face barriers when seeking finance," he said.
The government proposal is for a business securitisation fund that will provide funding to smaller banks and non-bank in the hope of fostering more competitive lending
Mr Hutchinson says many of AMIC’s members are looking for growth opportunities and better, easier access to finance will help them.
"Most small businesses already have finance secured against any real estate assets, so they can find it difficult to get additional funding for business growth, especially following the banking royal commission.
"Independent retail butchers alone provide 6,000 jobs. This new fund, by making finance more accessible, will help them recruit and train more staff, which can only be a good thing.
"We look forward to confirmation of eligibility for our members and to seeing smaller butchers and other meat businesses better positioned for growth."
