Gen Y Loans Small Business Loans

Lack Of Homeownership Can’t Stop Gen Y

MYOB’s (Mind Your Own Business) latest Business Monitor report found that four in 10 Gen Y small business owners had applied for a loan in the last year. More than a third of those applications were rejected. That’s around 39% failing to get the required finance.

It is widely speculated that Australia’s youngest small business owners are struggling to get finance because they don’t own their own home.

Interestingly, we are now seeing the generational impact of this systematic failure. Thankfully, this long-standing lack of competition in the small-business lending market is being targeted by disrupters to the financial market like ebroker.

This new wave of small business financiers is in direct response to the massive need in the market.

Gen Y small business owners have been found to be most likely to report profits over the last year, compared to the national average. Gen Y’s reporting generating profits sits at 42% compared to 26% across the nation.

Gen Y small businesses are also most likely to look to expand in the next 12 months.

There is pressure on the newly returned government to follow through on promises made to the small business sector. This is all good news for small business owners who can look forward to the establishment of the Australian Business Growth Fund to facilitate up to $1 billion in capital investment, improvements to accessing funds on competitive terms and the extension of the instant asset write-off.

Need a quick and easy business loan? ebroker is here to help, give us a call on 1300 44 14 14.

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