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Small businesses are using finance to invest in equipment, expand operations and strengthen financial stability, according to new data from small business lender OnDeck.
The main findings include:
* 20.1% of small businesses are directing loan funds towards equipment purchases, likely to support expansion, technology upgrades and cash flow management
* 15.4% are financing business expansion while 12.9% are using funds to buy inventory and stock
* 6.6% are investing in fit-outs and renovations and 5.8% are hiring staff – both signs of confidence in future growth
* 11.3% are consolidating debt to improve financial stability
OnDeck Australia chief executive Cameron Poolman said the results showed that the majority of small businesses were seeking funding for growth.
“This is deeply rewarding to see as it indicates a healthy small business community that has a focus on expansion – and is taking steps to make those growth goals a reality.”
These insights also reinforce the need for accountants to help business clients structure finance effectively, manage cash flow and take advantage of tax benefits.
#accountant #tax #smallbusinesses
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