Western Sydney based Senator Marise Payne has urged local small businesses to make a submission to the Coalition proposed Senate Inquiry into Access of Small Business to Finance to highlight the financing challenges faced by local small businesses.

The Senate has agreed to the Coalition proposal to examine the difficulties the small business community continue to face in receiving access to affordable and adequate finance.

‘A recent survey undertaken for the Council of Small Business of Australia (COSBOA) confirmed that the cost and availability of finance is the top concern of small to medium Australian enterprise,’ Senator Payne said.

‘The Coalition has listened carefully to the widespread concern in the small business community and recognises that available and affordable finance is the oxygen needed to support small business which is the engine room of the Australian economy.

‘If small business is to play its part in driving economic recovery and jobs growth, timely access to finance on reasonable terms is an important pre-condition’, Senator Payne said.

Senator Payne said the impact of the Government’s bungled handling of the bank deposit guarantee on second-tier lenders is still being felt and has limited competition and choice for small business finance.

‘The Rudd Labor Government remains indifferent to small business.  In contrast the Coalition recognises that small business survival and success is crucial to economic security and the sustainable recovery of Australia’s economic and employment prospects.

‘Restricted access to finance risks impeding growth, investment and expansion plans and undermining the employment-generating potential of the small business sector’, Senator Payne said

The inquiry’s terms of reference and information on how to make a submission can be found at:

www.aph.gov.au/Senate/committee/economics_ctte/small_business_10/index.htm

Submissions should be received by 31 March 2010. The reporting date is 30 June 2010.