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02 March 2018

This week in small business with Ombudsman Kate Carnell #7

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, talks about the fintech lending report, small business contribution to the Royal Commission and congratulates Deputy Prime Minister, Michael McCormack on his new position. Kate’s tip of the week: what to look out for in commercial lease contracts.

Fintech report: “This week we launched an important paper into fintech lending to make the whole process more transparent and easier to understand for small to medium businesses. We’ve done this in partnership with FinTech Australia and theBankDoctor.org.

“This paper commits the fintech industry to a range of approaches that will be in place by the end of this financial year. There will also be a ‘how to’ guide on how to borrow from fintechs.”

Royal Commission: “Phase Three of the Royal Commission’s investigations will be looking at small business issues so it’s important for you, if you’ve had a problem with a bank or financial service, to put your case on the table now.”

Michael McCormack: “Many of you will remember that Michael McCormack was Small Business Minister for quite a long time and showed an absolute commitment to small businesses. In fact he raised, prior to his election, the issue of small business being in Cabinet and we think that’s really important.”

Tip: “We’re getting a number of complaints at the moment from small businesses that have entered into lease contracts with shopping centres. One of the things you’ve got to do is really understand the contract that is being offered to you. Sometimes these contracts are quite long, quite difficult, so please ask your lawyer or financial adviser to have a look at the contract.”