Representatives from four banks (three big, one small) corrected some common misconceptions at a recent Small Business September seminar.
Myth 1 – Banks won’t lend for small business start-up ventures
NAB offers microenterprise loans of up to $20,000 to clients who:
- have completed the Australian Government’s New Enterprise Incentive Scheme (NEIS) small business training
- have been approved to receive a NEIS allowance
- are willing to continue working with a small business mentor for at least 12 months.
Myth 2 — Small business can’t bank with a small bank
Smaller banks like the Bendigo and Adelaide Bank may offer:
- specialist business banking expertise at every branch
- local branch managers with decision-making authority
- face-to-face contact and direct phone access to your branch manager
- extended trading hours.
Myth 3 — Big banks won’t help small business through tough times
ANZ has:
- committed $8 billion in new lending to SMEs in 2009 to help with cash flow needs and support new investments
- extended additional support to SMEs, including specialist assistance to those in difficulty
- made dedicated specialists available through the toll-free hotline 1800 252 845
- committed to offering tailored, case-by-case solutions.
Myth 4 — You're on your own with business succession planning
Banks like Westpac can assist with advice and products to address both:
- voluntary succession
- involuntary, unexpected succession.
View the full Power Point presentation of Busting Banking Myths.