Ecolease Industry News
Once a month, Ecolease is going to share some helpful tips, tricks, and trends in equipment finance. We want to help give some insight into some of the benefits: demystify the processes and share some of what we have to offer. So please have a read and get in contact with us to find out more.
Government making moves to support Small Business in Australia.
Even though the latest news makes it hard to believe that the federal government cares about anyone but themselves, the Ombudsman for Small Business and Family Enterprise (ASBFEO) has recently opened a small business hub in Canberra. In addition, they have released a document on their approach to providing support for SME growth. This document outlines a number of initiatives that demonstrate their intention to support your growth potential.
Recommendation 1: Business Growth Fund
The private sector to establish an investment fund focussed on long-term funding solutions for SMEs. The fund will offer both debt (loans) and equity (investment) to support SME growth. SMEs can apply for amounts between $250,000 and $5 million, with terms up to seven years, secured against the business.
Recommendation 2: Government Guarantee Scheme
Australian Government to establish a Government Guarantee Scheme. Member banks can draw on the guarantee as a form of security. The guarantee will facilitate increased lending to SMEs with a viable business model, but without real estate to meet bank security levels.
Recommendation 3: APRA prudential measures
Australian Prudential Regulation Authority (APRA) to move from the one-size-fits all model and allow regulated institutions to apply risk weightings to specific risk factors.
Recommendation 4: Capital Enhancement Fund
Australian Government to establish a capital fund to provide tier two capital instruments to banks. This will address the funding differential that is known to exist between tier one banks and other banks.
Recommendation 5: Personal Property Security Register
Australian Financial Security Authority (AFSA) to overhaul the register – at a minimum the public interface – to make it fit for purpose so a non-legally trained individual can accurately register title, to best utilise assets as security against lending.
Recommendation 6: Finance-ready SMEs
SMEs to work with their trusted advisers to get their business finance-ready.
Recommendation 7: Open banking reforms
Australian Government to implement and promote government initiatives of comprehensive credit reporting and the consumer data right in banking – part of Open Banking – in line with the Government’s schedule and the benefits widely promoted to SMEs.
Recommendation 8: SME guide to financial products
Australian Small Business and Family Enterprise Ombudsman (ASBFEO) to develop a short guide on financial providers, the range of financial products available and what stage of a business cycle each product is designed to fit. The guide will be distributed through the networks of SME advocates and publicised through social media.
To read the entire report, please click on the PDF icon below. This document was created by ASBFEO and was sourced from www.asbfeo.gov.au.
Did you know you could get free rego?
The NSW Government is reducing the cost of living for frequent toll users with the introduction of Toll Relief. This is for private vehicles, not for company or fleet vehicles only, but still well worth a read.
Toll Relief provides free vehicle registration for frequent toll users who spend on average $25 per week or more in tolls, or $1300 over the year. Toll Relief provides savings of up to $715 (if you have a four-wheel drive) or $127 (if you have a motorcycle).
The program started on 1 July 2018 and if you meet the eligibility requirements, you’ll be entitled to one free 12-month registration for your car, ute, 4WD or motorcycle, for registrations due between 1 July 2018 and 30 June 2019.
To ensure you receive your free rego, visit your toll provider online and check your contact details are up to date. Add all your vehicle license plates to your toll provider account.
Property Finance now available.
Ecolease likes to offer our clients peace of mind with all elements of their equipment finance and we bring this same mentality into property finance. So here are a few of the additional benefits that you will see with Ecolease property finance;
- Commercial lo-doc loans up to $1mil
- High loan to value ratio (LVR)
- Access to a variety of lenders and package options.
So give Ecolease a call today on 1300 322 092 to discuss your property finance needs, or learn more about our other services.