Call for action grows as small firms face rising costs and limited loan options
Online small business lender OnDeck Australia has voiced its support for the “14 Steps to Energise Enterprise” plan released by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Bruce Billson.
The proposal outlines key actions aimed at strengthening and supporting small businesses as they continue to face economic pressure from inflation and a more restricted credit market.
The support comes at a time when financial pressure is mounting for small businesses across Australia, with one report revealing increasing strain as the end of the financial year approaches.
OnDeck chief executive Cameron Poolman (pictured) said the initiative closely aligns with the lender’s approach to simplifying access to finance for Australia’s 2.5 million small businesses.
“Bruce Billson has once again demonstrated that he understands what small businesses need – not just to survive, but to thrive,” Poolman said. “From easing regulatory burdens to improving access to capital, these reforms will have a meaningful, real-world impact.”
The lender pointed to particular interest in measures promoting more accessible and fit-for-purpose funding options, as well as fostering a more inclusive credit environment.
Poolman said that many small firms, despite strong financial performance, have found it increasingly difficult to secure loans through traditional channels as interest rates have remained high in recent years.
OnDeck’s internal data shows that 40% of surveyed SMEs had applied for funding through various providers, with 24% facing rejection from a bank. That figure jumps to 38% for businesses operating for under five years.
“Too often, small businesses are overlooked by traditional lenders because they don’t fit into narrow credit models,” Poolman said.
The lender also welcomed the report’s recommendations to cut compliance costs, improve digital skills and address the mental wellbeing of business owners – issues it says have become more pressing for clients in recent years.
“Running a small business is incredibly rewarding, but it’s not without challenges,” Poolman said. “Whether it’s navigating tax compliance, managing cash flow, or recovering from natural disasters, government support must match the ambition and resilience of Australia’s small business community.”
The blueprint encourages stronger collaboration between government, industry, and the business community, with an emphasis on involving small businesses in shaping economic policy.
OnDeck said it plans to continue investing in responsible lending practices, new technology, and educational tools to help small businesses grow.
“We want to be more than a lender – we want to be a growth partner,” Poolman said. “This plan from Bruce Billson sends a strong message that small business is finally being recognised as the engine room of the economy – and they need the right tools, funding, and policies to thrive.”
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