The federal government has told a meeting of major bankers that they must support small business during the economic slowdown.

Small Business Minister Craig Emerson said credit was the “lifeblood” of small business, and the banks had a responsibility to provide adequate credit flows to the small business sector.

“I told the banks that they have a vital part to play in keeping small business trading,” Dr Emerson said in a statement on Thursday.
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The federal government will give a $720 million cash flow boost to small business, self-funded retirees and small superannuation funds struggling because of the global recession.

In a joint statement on Saturday by Treasurer Wayne Swan and Small Business Minister Craig Emerson, they say the move is aimed at freeing up cash flow to provide further economic stimulus.

Under the plan, pay as you go (PAYG) instalments will be cut for about 1.5 million taxpayers in the 2009/10 financial year.
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Small businesses have complained banks aren’t lending enough and that the price is too high, while banks say they are lending more than ever before at fair price, Small Business Minister Craig Emerson says.

Mr Emerson has convened a roundtable to discuss small business access to credit during the global financial crisis, to be held in Melbourne on Friday.

Mr Emerson said small businesses complained that there wasn’t enough money available from banks and the cost of available finance was too high.
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