AFCA to help resolve small business financial disputes
The Australian Financial Complaints Authority (AFCA) has announced it will appoint a small business lead ombudsman to resolve financial disputes.
This follows revelations from the banking royal commission that unresolved banking disputes have devastated some small businesses.
AFCA is to consider complaints about credit facilities with a value of up to $5 million.
The authority is a free service that provides small businesses an alternative to courts and tribunals to resolve their financial complaints.
AFCA defines a small business as an organisation with less than 100 employees.
Ombudsman welcomes funding increase for small businesses
The Small Business Ombudsman, Kate Carnell, has welcomed the federal government’s investment in small business loans.
Last week the federal government introduced the Australian Business Securitisation fund, to increase the pool of loans available for small businesses.
However, while the fund will increase the pool of capital for medium-term lending, it doesn’t address the need for long-term funding for high-growth businesses, which generate the highest growth in employment.
According to a recent report, the funding gap in the small and medium enterprise sector is estimated to be in excess of $80 billion.
Ethnic Business Awards 2018
The Ethnic Business Awards were held in Sydney on Thursday.
During a speech, Prime Minister Scott Morrison said immigrants have shaped the Australia we live in today.
"This country is an immigration success story without parallel anywhere in the world and we should be enormously proud of what we have achieved," Mr. Morrison said at the event.
This year, Jeremy Blanch of JNC Group Australia won the Indigenous in Business Category.
The Small Business Category was taken out by Michael Dakhoul of Construction Consultants.
And Alf and Nadia Taylor from TNA Solutions won the Medium to Large Business Category.
It was the award’s 30th annual event.