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Fifth of small businesses unsure if they qualify for financial support

Small businesses are encouraged to seek advice on available financial support. One fifth of small businesses have stated they are unsure if they qualify for government support, according to the September Small Business Survey conducted by the NSW Small Business Commission.

NSW Small Business Commissioner Chris Lamont said it was vital that businesses not rely on their own assessment or interpretation of whether they were eligible but speak to Service NSW, a business adviser or the Commission.

“Some businesses have stated they are unaware of the full eligibility criteria, such as the ability to use different periods when calculating loss in turnover or access to financial support for newer businesses that may have only started trading earlier this year,” Mr Lamont said.

“I urge small businesses to speak to a customer service representative at Service NSW and explain their circumstances or get financial advice from a professional business adviser before assuming they are ineligible.”

The current closing date for the COVID-19 Business Grant is 1 October 2021 and JobSaver 18 October 2021 and the Commission is encouraging businesses who have not looked at either grant to make enquiries.

The September survey also showed an increase in business confidence with 38% of businesses indicating they were confident about their business prospects over the next 12 months, compared to 33% in August. Overall, 31% of businesses said they were confident about the performance of the NSW economy over the next 12 months.

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