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Being able to obtain adequate financing is essential to small business’ success. Overall, half of small- and mid-sized entreprises (SME) applied for financing at their main bank during the three year period ending in 2015
According to the report, small businesses face the biggest barriers getting bank financing. For example, the smallest firms (those with fewer than five employees) are nearly six times as likely to be rejected for a loan as mid-sized firms (50-499 employees).
The report recommends that government ensure banks actively promote alternative sources of financing besides bank financing (e.g. angel investing, crowdfunding, venture capital) as per the Small Business Banking Code of Conduct.)