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A survey by leading small business lender – OnDeck Australia, confirms that additional funding would allow two in five of the nation’s small business owners to take a break. However, many would rather reinvest the money back into the business.
Key takeaways:
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OnDeck surveyed 500 businesses nationally to learn how additional funding would be used by small enterprises to take a break.
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Two in five (41.7%) said the funds would provide the confidence of having sufficient cash reserves to cover unforeseen costs while the owner is away.
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One in five (18.3%) would use the money to upgrade equipment or facilities to reduce downtime.
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16.5% say they would invest in the venture’s technology or automation.
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Brokers can play a key role helping small businesses secure the funding needed to achieve each owner’s goals.
A national survey of small businesses by leading small business lender – OnDeck Australia, confirms that many small business owners would use additional funding to take a well-deserved break. However, plenty would overlook their own need for a vacation, and reinvest funds back into the venture.
For two in five (41.7%) small business owners, additional funding would provide the opportunity to take a break, secure in the knowledge that the venture had sufficient funds to cover unforeseen expenses while the owner is away.
Around one in seven (14.9%) small business owners would use funding to pay for additional or temporary staff to support operations. One in ten (8%) would put additional funds to work hiring or training an interim manager to step into the owner’s role.
However, for many small businesses, additional funding is seen as a chance to re-invest in the business rather than enjoying personal downtime.
One in five (18.3%) small business owners would use additional funding to upgrade equipment or facilities to reduce downtime.
One in six (16.5%) say they would invest in the venture’s technology or automation to maintain operations.
Mr Cameron Poolman, CEO of OnDeck Australia, said, “Our research confirms the dedication of small business owners to the success of their enterprise.
“We know from previous OnDeck research that one in three small business owners take less than two weeks leave annually. One in seven owners can’t remember the last time they took a holiday.
“Despite this dedication, everyone deserves a chance to rest and recharge. As we approach the festive season, it’s important for small business owners to prioritise their personal wellbeing and take time to reconnect with family and friends.”
How brokers can help
Mr Poolman believes the survey highlights how additional funding can be the key to unlocking much-needed downtime and that brokers have an important role to play.
“Whether it’s hiring extra help, restocking inventory, or simply stabilising cash flow, the right funding solution can empower small business owners to step away, confident their business is in good hands.”
Mr Poolman added, “Brokers play a vital role in supporting their small business clients by highlighting the availability of specialist small business lenders who truly understand their unique funding needs – especially the need for fast, hassle-free funding solutions.”
OnDeck’s Lightning Loans, offering amounts from $10,000 to $175,000, are tailored for small business needs, with a fast and hassle-free application process that requires just six months of business bank statements upfront. For businesses seeking larger amounts, OnDeck’s Lightning Loans Plus provides up to $250,000.
“With approvals in hours and funding delivered just as fast, OnDeck empowers small business owners to secure the cash flow they need – even during the busy holiday season,” said Mr Poolman.
As a business owner himself, Mr Poolman’s message this festive season is clear: “OnDeck is here to help brokers help their small business clients enjoy a well-earned break this Christmas.
“We all deserve to focus on what truly matters – spending time with family and friends and stepping into the new year refreshed and ready to thrive,” said Mr Poolman.
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