Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 9 : 1-Nov-19
The federal government will seek to make it easier for small and medium enterprises to access credit by urging banks to waive responsible lending standards for the sector. Treasurer Josh Frydenberg notes that the distinction between a small business loan and a personal loan is often a grey area, given that small business owners often use their family home as security when taking out a loan. Council of Small Business of Australia CEO Peter Strong says banks often advise small business owners to take out a personal loan instead, as they are cheaper and less complicated.
AUSTRALIA. DEPT OF THE TREASURY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION