Government boosts SME program funding to ease challenges

The government will invest $11 million this year into the small-business community to ease business pressures and support mental health.

From 1 January, the government launched its new funding of $10.8 million over the course of 18 months to supplement the Small Business Debt Helpline and the NewAccess for Small Business Owners programs.

Minister for Small Business, Julie Collins, said this investment was part of a broader plan to help aid the Australian SME community.

“Small businesses are the engine room of Australia’s economy, and employ millions of employees. It’s important they have the support they need, when they need it,” she said.

“This is part of more than $640 million in practical and targeted support for small businesses, outlined in our Small Business Statement.”

According to the government, the Small Business Debt Helpline and the NewAccess for Small Business Owners programs to be funded were run by experts who understood how small businesses operated.

Collins said the NewAccess for Small Business Owners program was a free, confidential one-on-one mental health coaching program delivered by Beyond Blue.

Within the program, small-business owners would have access to six structured sessions with a trained mental health coach delivered by a phone or video call.

“Coaches have a small business background, allowing them to better understand the unique challenges small business owners may face. No GP referral or mental health treatment plan is required,” Collins said.

It was also said that the Small Business Debt Helpline was a dedicated small-business financial counselling service delivered by Financial Counselling Australia.

The helpline would provide free, independent, and confidential phone-based support to small-business owners nationally.

Collins said the helpline could be contacted by small-business owners regardless of the cause of their financial hardship.

“Small business owners and operators are resilient, but we also know some small businesses are doing it tough right now. That’s why this support is so important,” Collins said.

Both platforms could be contacted for advice and support via their respective phone numbers or websites, according to Collins.

This article was originally featured in Broker Daily sister brand Accountants Daily.