To cope with the adverse impact of the pandemic, 66% of SMEs in Australia sourced a new type of funding compared to 46% early in 2021. This indicates that more businesses are striving to move past the pandemic by taking back some form of control.
Disclosing this, the latest ScotPac SME Growth Index said only 10% of SMEs did not need additional funding. Meanwhile, applications of some SMEs got entirely rejected, or they received only some of the funds they had asked for. The top three reasons for SMEs seeking new funding were buying plants and equipment, improving cash flow, and repaying debts.
