ScoMo unveils $100m small business fund

The Coalition government has revealed its plans for a $100 million investment fund to help small businesses grow if it wins the 18 May federal election. Scott Morrison announced that the government, in conjunction with the nation’s superannuation funds and banks, would use the fund to broker a share in Australian businesses. “This is for those businesses like a local brewery or restaurant that wants to expand interstate or even overseas, or maybe a family owned construction company wanting to grow so they can meet demand,” Morrison said in a statement. Super funds and banks would be allowed to invest in a national small business fund that would invest in and help to grow Australian businesses with an annual turnover between $2 million and $50 million. The move would help Australian entities that can’t get a loan stay in the country, according to Small Business Council of Australia CEO Peter Strong.