Migrants own and run one-third of Australia’s two million small businesses. But some are being forced to shut up shop due to lack of finance, industry experts say.
Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), told SBS's Small Business Secrets this week: “A new migrant or refugee whose English is not their first language, and who may not have equity in bricks and mortar, faces a tough gig to convince a bank to lend, and we simply have to change that.”
“Small businesses need funding to grow and prosper. Yet major banks are rejecting more than one-third of their loan applications,” she said.
“If we really want to get the economy moving, and we really want to address unemployment, we really need to get those small businesses employing.”
