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"How to" help for small businesses seeking finance

Embargo until 10.30 am Thursday 25 August 1994

Small businesses seeking loans from financial institutions will be helped by a publication launched today by Federal Small Business Minister, Senator Chris Schacht.

"The publication, Information to Support an Application for Business Finance, will provide valuable assistance to small business operators and simplify their business dealings with financial institutions," Senator Schacht said.

Information to Support an Application for Business Finance has been prepared by the Institute of Chartered Accountants in Australia (ICAA) and the Australian Society of Certified Practising Accountants (ASCPA) with support from the Australian Bankers Association.

"Small businesses sometimes do not understand bank lending requirements," Senator Schacht said.

"This publication addresses an information gap in the market. Banking and accounting associations are to be commended for their efforts in addressing this problem.

"Small businesses will benefit substantially because they will know exactly what information is required before even setting foot in the bank," Senator Schacht said.

Information to Support an Application for Business Finance comes with a software package and provides examples of all of the major application forms which need to be completed by small business operators seeking bank loans.

The publication complements a series of previous releases by the ASCPA designed to improve the understanding of financial markets by small businesses. It is available from any office of the ICAA or through the ASCPA.

CANBERRA

Contact: Carol Sutherland, Minister's Office, (06) 277 7080

Daniel Tangri, Department, (06) 276 1041