The Government’s SME Recovery Loan Scheme is coming to an end. So who benefited?
The Bank Doctor
by Neil Slonim
2y ago
With the SME Recovery Loan Scheme coming to an end on 30th June, it is timely to reflect on its impact and the outlook for SMEs looking for finance in the months ahead. Launched in March 2020, the Scheme was introduced to enhance the ability of lenders to extend credit to SMEs. The first iteration was named the Coronavirus SME Guarantee Scheme under which the Government provided a 50 per cent guarantee to forty-four approved lenders to encourage them to lend to SMEs struggling to deal with the impacts of Coronavirus. The Scheme provided for unsecured working capital loans up to $250,000 with t ..read more
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Where does the new Labor Government stand on Small Business?
The Bank Doctor
by Neil Slonim
2y ago
Unfortunately, the appointment of Julie Collins as Minister for Small Business does not imbue confidence that the Albanese government will prioritise small business. ALP won government with 77 seats, and now has a two seat majority in the House of Representatives. But with less than one in three people voting for them, Labor should be wary about how it uses the word “mandate”. Still a 64 per cent Two Party Preferred outcome is a resounding victory. The old adage of “oppositions don’t win elections, governments lose them” certainly applied this time with the Liberals being decimated losing sev ..read more
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2022 Federal Election Series Part 3: What can small business business owners expect from the next government & is that what they really need?
The Bank Doctor
by Neil Slonim
2y ago
This is the third article in theBankDoctor’s 4 part Election Series. If you missed the first two articles you can read them here. “What does the recent history of small business ministers & shadow ministers tell us?” “What have the major parties done for small business?” Small business owners have had a mixed time over COVID. Some have done very well whilst others have survived by “pivoting” but a large number are barely hanging on. They have been anxiously awaiting the post COVID recovery but now are facing new challenges which this time may prove insurmountable. More than ever t ..read more
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2022 Federal Election Series Part 4: Which is the best party for small business or are the minor parties and the independents a better alternative?
The Bank Doctor
by Neil Slonim
2y ago
This is the final article in theBankDoctor’s four part Election Series. If you missed any of the first three articles you can read them here.  “What does the recent history of small business ministers & shadow ministers tell us?” “What have the major parties done for small business?” “What are small business owners likely to get from the next government & is this what they need?”   This Election Series has chronicled how both the Coalition and Labor have treated the small business sector over the past 12 years.  We believe neither party has demonstra ..read more
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2022 Federal Election Series Part 3: What can small business business owners expect from the next government & is that what they really need?
The Bank Doctor
by Neil Slonim
2y ago
This is the third article in theBankDoctor’s 4 part Election Series. If you missed the first two articles you can read them here. “What does the recent history of small business ministers & shadow ministers tell us?” “What have the major parties done for small business?” Small business owners have had a mixed time over COVID. Some have done very well whilst others have survived by “pivoting” but a large number are barely hanging on. They have been anxiously awaiting the post COVID recovery but now are facing new challenges which this time may prove insurmountable. More than ever ..read more
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2022 Federal Election Series Part 2: What have the major parties done for small business?
The Bank Doctor
by Neil Slonim
2y ago
theBankDoctor’s Election Series aims to assist small business owners form a considered view as to which is the best party for small business This is the second article in theBankDoctor’s four part Election Series. If you missed the first article you can read it here:  “What does the recent history of small business ministers & shadow ministers tell us?” In government both parties have adopted the mantra that what is good for the economy will be good for small business. This was particularly evident in the two major financial crises in the past fifteen years being the Global Fina ..read more
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2022 Federal Election Series. Part 1: What does the recent history of small business ministers and shadow ministers tell us?
The Bank Doctor
by Neil Slonim
2y ago
“The Morrison government is the best friend small business can have,” says Stuart Robert, the Minister for Employment, Workforce, Skills, Small and Family Business. Meanwhile, his Labour counterpart Richard Marles described Labour as the party of small business claiming “the Morrison government has taken the small business for granted for too long”. With the election less than 3 weeks away, who can small business owners believe or is it time to switch to the minor parties or independents? theBankDoctor’s Election Series aims to assist small business owners form a considered view a ..read more
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Judo Bank does not aim to be all things to all SMEs but if you want a relationship bank and you tick all their boxes, Judo could be the right bank for you.
The Bank Doctor
by Neil Slonim
3y ago
Judo Bank is a classic gamekeeper turned poacher story involving former big bank executives Joseph Healy and David Hornery taking on their old employers who they say have lost the craft of relationship banking. Having earned its banking licence in 2019, Judo has grown from scratch to a loan book of $3.5 billion. It expects to reach $6 billion by June 2022 with a forecast after tax profit of $5.2 million. Judo is due to list on the ASX next Monday with a valuation at $2.317 billion. Gaining the licence helped Judo immeasurably. It provided access to $2.86 billion of funding at 0.10 ..read more
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The financial and mental health toll on punch drunk small business owners is becoming intolerable. There is only so much they can bare.
The Bank Doctor
by Neil Slonim
3y ago
This time last year pundits, myself included, were convinced tens of thousands of small businesses would fall off an insolvency cliff once government support was wound back. But it did not happen and as mind boggling as it may seem, personal and business insolvencies are both down by around 50 per cent. Nearly all businesses that took advantage of loan deferrals are now back on track, unemployment levels are below 5 per cent and many employers are finding the biggest impediment to their recovery is the inability to find workers. Government spending staved off what might otherwise hav ..read more
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TheBankDoctor turns Whistleblower on NAB
The Bank Doctor
by Neil Slonim
3y ago
Every now and then something happens in our lives that challenges us to take a stand. This happened to me in 2018 when out of the blue I received a phone call from Roly Newman, a former client who I had not seen since my days at Bank of New Zealand (BNZ) some thirty years ago. Mr Newman who is now in his eighties, asked if we could meet to discuss an important matter. I had always held him in high regard so I was happy to do so. What he told me disturbed me greatly. Unbeknown to me, Mr Newman and his business partner Mr Les Lithgow have suffered many years of personal, professional and financi ..read more
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