Closing the SME credit gap to reignite the economy

In Australia, more than 2 million small and medium enterprises (SMEs) employ 65% of the nation’s total workforce and contribute to approximately 50% of Australia's total gross domestic product (AU$600B)1. They are therefore the lifeblood of our economy. However, many SMEs are financially fragile and the supply of capital is critical to run and grow their business. For some time and exacerbated by the pandemic, SMEs access to capital has been cumbersome to say the least. Globally and in Australia there is a major credit gap.