Its research indicates increased optimism among small business owners
OnDeck Australia, a digital non-bank lender that specialises in providing financing to small businesses, has reported a significant 32% growth in loan approvals month-on-month.
The surge in lending has been observed across various sectors, notably in manufacturing, health services, transport, and trade, and aligns with findings from independent research sponsored by OnDeck, indicating a robust start to 2024 for the nation’s small businesses.
The research, which involved 500 small businesses across Australia, revealed a strong sense of optimism, with 75% expressing confidence in their business’ health and stability. Additionally, 34% of these businesses rated their health as “excellent” or “very good”, while only 24% viewed their condition as “below average”.
The survey further highlighted that most small business owners are optimistic about meeting their financial obligations in the coming year, with 80% confident in their ability to do so.
“It is incredibly heartening to see such overwhelmingly positive views and confidence among Australia’s small business community,” said Cameron Poolman (pictured), chief executive of OnDeck Australia. “After several years of pandemic lockdowns followed by an unrelenting string of official rate hikes by the Reserve Bank of Australia, it is fair to say that the small business sector has had to deal with unprecedented challenges.
“However, OnDeck’s 32% month-on-month growth in loan approvals backed by our survey findings highlight that small businesses have come through a tough time, stronger and better-placed to manage future financial obligations.
“We know that access to fast, efficient finance is highly sought-after by Australian small businesses. Yet too many lenders do not prioritise the needs of small business. OnDeck Australia recognises that small enterprises are well-placed to borrow and explore growth opportunities in 2024, and we have the funding options available to approved applicants.”
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