Australia has an unprecedented opportunity to transition from an economy based on resources, primary industries and domestically focused businesses to one based on high-growth, knowledge-intensive businesses that can compete globally.
Currently Australian micro-businesses either struggle to get a loan or may borrow via other means, such as residential mortgages, in the absence of cheaper, more appropriate financing alternatives.
We want to help more Australians convert their great ideas into good businesses. We will enable entrepreneurs to access the capital they need to start and grow their enterprises without them having to take risks on the family home.
Labor will work with the banks and finance industry to develop StartUp Finance, a partial guarantee scheme which will improve access to finance for Australian micro-businesses.
Under StartUp Finance, Labor will examine partially guaranteeing small loans from banks and finance institutions to give start-ups the affordable capital they need to get going with their business.
Australia is one of the only countries in the developed world without such a scheme in place. Labor will establish this scheme to back in the creativity and ingenuity of Australians and grow more good local jobs.
More information about Labor’s positive plan is available here.