Small Business Minister Norm Marlborough is urging business owners who may be hard hit by today’s 0.25 per cent interest rate rise to seek advice from the Small Business Development Corporation (SBDC).
“Now is the time for small business operators to re-assess their operations,” Mr Marlborough said.
“Some businesses may not realise that renegotiating bank finance can now be done without incurring mortgage duty on existing loan amounts (for loans under $5million) as a result of the State Government’s tax relief measures introduced earlier this year.
“The professional staff at the SBDC and Small Business Centre (SBC) Network offer highly qualified, expert advice and best of all it is free.”
The Minister said the added strain being put on businesses operating on tight margins meant more help was needed to adjust to the increase.
He acknowledged that the resources boom in Western Australia had brought with it a higher cost of operating, including increased rents and higher wages bills for those businesses wanting to attract quality workers.
“Small businesses should review their financial arrangements, possibly rationalise long and short-term loans for the most cost-effective outcome, and if necessary adjust their profit margins,” Mr Marlborough said.
The SBDC and the SBC Network offer workshops on cashflow, marketing and business planning, as well as free, one-to-one business advice and guidance for small business operators.
For more information about the workshops, the SBDC can be contacted on 9220 0222.
Minister's office: 9213 6500