Small business owners stay the course even as demand drops, CommBank report
It stands to reason that higher costs of living can impact the costs of doing business, as new survey research from CommBank indicates.
Of the small businesses surveyed, dropping consumer demand was chief among all concerns, noted by 36% of respondents.
The worry is that inflation and other related financial pressures will curtail consumers' ability to spend, and recent slumping retail numbers support this notion.
The cost of business insurance was the next major concern among businesses (31%), followed by transportation and logistics costs (28%).
Despite these worries and growing anticipation that 2023 could be a tough year for business, some are well prepared.
According to the survey, 33% of respondents have already reduced spending on non-essentials, while another third have adjusted their personal spending.
Budgeting and expense tracking has also been top of mind, as per the results of this survey.
Business as usual: Higher costs yet to hit for some
The tone of CommBank's report suggests small businesses remain pragmatic and focused on being prepared, no matter the hurdles placed before them.
This latest feedback also suggests small business owners generally have lower levels of concern than consumers.
CommBank's group executive, business banking Mike Vacy-Lyle says business owners have adjusted to changing demands and noted that "Australian entrepreneurs continue to show considerable grit" following the pandemic period.
All up, small businesses appear to be optimistic and determined, based on the survey's results, despite some uncertainty and caution.
If you're a small business in need of funding by way of a loan, Mozo's experts handpick the best on the market. Be sure to check out our Business Loans Hub to start comparing.
Compare business loans
Business+ Unsecured Loan
A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.
Interest Rate
Upfront Fee
Funding speed
Rates range from 11.95% p.a. to 22.95% p.a.$495VariesBusiness+ Unsecured Loan
A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.
- Interest Rate
- Rates range from 11.95% p.a. to 22.95% p.a.
- Upfront Fee
- $495
- Ongoing Fees
- $20 per month
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- Early Payout Costs apply during fixed rate period.
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $20,000
- Maximum loan amount
- $50,000
- Minimum loan term
- 1 year
- Maximum loan term
- 3 years
- Repayment frequency
- Fortnightly, Monthly
- Repayment types
- Principal & Interest
- Minimum trading period
- 1 year
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Business+ Unsecured Loan
Unsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Interest Rate
Upfront Fee
Funding speed
from 9%-Within same dayUnsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
- Interest Rate
- from 9%
- Upfront Fee
- -
- Ongoing Fees
- 2.5% establishment fee of the disbursed amount.
- Late payment fee
- $50.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 3 months
- Maximum loan term
- 4 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $60,000
- Application speed
- within 24 hours
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- Early payout options and early repayment discounts are available. Principal-only payout available after 6 months.
- Other restrictions
- Loans above $300,000 must be secured by property.
Prospa Plus Business Loan
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Interest Rate
Upfront Fee
Funding speed
Interest rates vary based on risk.3.5%from 24 hoursProspa Plus Business Loan
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
- Interest Rate
- Interest rates vary based on risk.
- Upfront Fee
- 3.5%
- Ongoing Fees
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Secured
- Minimum loan amount
- $150,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 3 months
- Maximum loan term
- 3 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 3 years
- Minimum annual turnover
- $1,000,000
- Application speed
- 10 Minutes
- Approval speed
- Same-day approval
- Funding speed
- from 24 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- -
- Other restrictions
- -
Business+ Unsecured Overdraft
Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.
Interest Rate
Upfront Fee
Funding speed
Rates range from 14.95% p.a. to 25.95% p.a.$495VariesBusiness+ Unsecured Overdraft
Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.
- Interest Rate
- Rates range from 14.95% p.a. to 25.95% p.a.
- Upfront Fee
- $495
- Ongoing Fees
- $30 per month
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- $0
- Other fees
- -
- Loan type
- Overdraft
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $50,000
- Minimum loan term
- -
- Maximum loan term
- -
- Repayment frequency
- flexible
- Repayment types
- n/a
- Minimum trading period
- 1 year
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- n/a
- Redraw allowed
- n/a
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Business+ Unsecured Overdraft
Boost Business Loan
Whether you’re looking for a quick cash boost for your business or are ready to invest in growth, ScotPac offers a range of unsecured and secured loans from $10,000 up to $500,000. For loan terms of 6 months to 3 years. No application or account keeping fees to pay. Funds available in 24 hours or less once approved. Repayment options available.
Interest Rate
Upfront Fee
Funding speed
On applicationDetails on applicationFrom 24 hoursBoost Business Loan
Whether you’re looking for a quick cash boost for your business or are ready to invest in growth, ScotPac offers a range of unsecured and secured loans from $10,000 up to $500,000. For loan terms of 6 months to 3 years. No application or account keeping fees to pay. Funds available in 24 hours or less once approved. Repayment options available.
- Interest Rate
- On application
- Upfront Fee
- Details on application
- Ongoing Fees
- $0
- Late payment fee
- -
- Transaction fee
- -
- Early repayment penalty
- -
- Other fees
- -
- Loan type
- Loan
- Security type
- Secured or Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 6 months
- Maximum loan term
- 3 years
- Repayment frequency
- Weekly
- Repayment types
- -
- Minimum trading period
- 1 year
- Minimum annual turnover
- $120,000
- Application speed
- From 24 hours
- Approval speed
- From 24 hours
- Funding speed
- From 24 hours
- Extra repayments allowed
- -
- Redraw allowed
- -
- Other benefits
- All industries supported.
- Other restrictions
- Loans up to $100K: No upfront collateral required Loans between $100K to $200K: Borrower must be a property owner Loans over $200K: Borrower must be a property owner, and the loan will be secured
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