A second generation North East Victoria winemaker says new financing options outlined by Treasurer Josh Frydenberg is welcome and timely.
Minister for Regional Services and Senator for Victoria Bridget McKenzie said the creation of the $2 billion Australia Business Securitisation Fund would enable greater access to finance for small businesses when they needed it.
The Minister said the announcement that the Liberal National government would provide even more support to help grow small business was a big win for all small businesses in Indi.
“The announcement is incredibly good news for small businesses operating right across regional Australia – and in my home state of Victoria,” Minister McKenzie said.
“Small business provides the majority of employment in the agriculture, forestry and fisheries sectors, more than 421,000 Australian jobs.”
For Damien Cofield from Cofield Wines in Wahgunyah in North East Victoria, being able to access the $2 billion small business fund came at a perfect time.
“There are great opportunities in overseas markets, but we’re struggling to come up with capital through our normal channels to grow the business,” Mr Cofield said.
“It’s perfect timing. New export opportunities are opening up all the time and an alternative capital source like this allows us to buy infrastructure to increase our capacity.
“The other benefit is we will buy wine tanks regionally, at other local businesses in Wodonga, so other regional businesses win as well.”
Minister McKenzie said the Liberal National government understood the needs of small business and had a strong track record of delivery including cutting the small business tax rate, extending the instant asset write-off and simplifying the BAS.
“The Government is strongly focused on supporting small business to grow and develop, resulting in more investment and jobs locally,” Minister McKenzie said.