Inside Small Business
19 July, 2023
New research by Momentum Intelligence reveals that while small businesses think of the major banks as a source of finance, they feel that their loyalty to these banks is not being rewarded accordingly.
This was the sentiment shared by 66 per cent of small businesses and is in line with research by small business lender OnDeck Australia which found that 25 per cent of financing applications filed by small businesses were rejected by a mainstream bank. This figure rises to 38 per cent for small businesses that have been in operation for less than five years.
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