Business Finance Week – Dec 9, 2020

A summary of business finance headlines you probably missed!


Another Day, Another Fintech|Funding Females|Happy Days

Another Day, Another Fintech

In the world of start-ups, a new Fintech is the plat du jour. 

Newcomer, Swoop Funding, has emerged into an already well-serviced SME finance universe hoping to make its mark as a destination for finance needy business owners.

Swoop’s point of difference to its many competitors is that as well as offering access to business loans, it will find equity funders and grants for your business and help you to pay less for international money transfers and utilities.

It’s all in the algorithm, according to  The Adviser , which reports that Swoop was born in the UK and has opened its first international branch in Australia.

Brain Food

Accountants and brokers confused by the plethora of business finance options available can rely on the Business Funding Guide to give the information required by clients.

The financing primer is a publication of the Australian Small Business and Family Enterprise Ombudsman and has been updated for the post-covid era.

According to the Ombudsman, the guide gives small business operators the most important information they need to know about the types of funding available and outlines the steps to increase their chance of securing funding.

CIMIC Caves

If your business supplies goods or services to  contracting giant CIMIC you’ll be relieved by a report in The Australian that the company has caved to pressure and returned to 30-day payment terms.

CIMIC pushed out its payment terms to 65 days last year offering to pay suppliers earlier in return for a discount on their bills.

The ensuing uproar has caused CIMIC to review its decision and reduce its payment terms to a more reasonable period.

Funding Females

The Federal Government will give entrepreneurial women a $12 million purse to support their start-ups.

Round 1 of the Boosting Female Founders initiative is backing 51 companies which are majority owned and led by women.

Grants range from $25,000 to $480,000  to help recipients scale their businesses into new domestic and global markets.

A list of recipients includes a company developing artificial intelligence support for disabled clients, an oncology management platform, a spirits distribution company and a business which has developed woolpack insulated packaging.

Happy Days Ahead

According to the NAB’s Monthly Business Survey we are entering happier times.

The bank reports a rise in business conditions and confidence in November  “stronger than the period right before the pandemic”!

NAB group chief economist, Alan Oster said: “in aggregate the business survey saw another large gain in November. Encouragingly, business confidence saw another large rise, driven by an improvement in Victoria. Conditions also saw gains and, importantly, this was evident across most states”.

“What is promising, is that the measure suggests that there will be another large rise in activity in the December quarter – a nice follow up to the solid rebound we saw in the Q3 national accounts last week”