Green Shoots of Recovery?

As Melbourne gradually opens for business, are we starting to see the green shoots of recovery as business owners shift their focus from survival, to rebuild and growth.

Whilst many businesses and individuals have been severely impacted by COVID-19, the green shoots of a recovery are finally starting to appear!

The Bank’s Head of Australian Economics, Gareth Aird has suggested that the governments economic stimulus will help the economy recover faster than was originally forecast.

They are now predicting GDP growth of 4.2% in 2021 compared to previous estimates of 2.50%.

In 2022 they expect growth to be 3.80%

Over recent weeks we have experienced an enormous uptake in demand for equipment finance.

Whilst this in part is driven by the Instant Asset Write-off Scheme, the vast majority of business owners are “hard nosed” realists!

Despite the negativity and uncertainty, they are unlikely to invest in new equipment, if they were not optimistic about the future outlook

Even in the current climate, there are Lenders with an appetite to lend. They are not all the same.

Some favour particular industries or types of lending and policies and appetite between Lenders varies widely.

They key is to know which Lenders and Bankers to approach for the type of finance you are seeking.

If you are thinking about finance to assist you as we move towards recovery, don’t hesitate to give me a call!