Access to finance: growing SME’S in regional Western Australia
Most small to medium enterprises (SMEs) in regional Western Australia generally have good access to finance to enable their business to grow, but some face additional barriers.
Research by the Regional Australia Institute reveals that SMEs in regional Western Australia are more likely to be in industries, such as agriculture, construction, and manufacturing. These SME’s tend to have tangible assets (such as land or supply contracts) which can be used as collateral for finance, and have established practices for leasing equipment.
Successful access to lending is also influenced by the amount of information available to lending institutions. Good availability of industry-specific data, local market data, and business lending specialists helps to inform decision- making.
Despite these positive factors, some regional SMEs in Western Australia do face constraints on access to finance. Read the full report to find out more.