A survey by leading small business lender – OnDeck Australia, confirms that additional funding would allow two in five of the nation’s small business owners to take a break.
However, many would rather invest the money back into their business.
- OnDeck surveyed 500 businesses nationally to learn how additional funding would be used by small enterprises.
- Two in five (41.7%) said the funds would provide the confidence of having sufficient cash reserves to cover unforeseen costs while the owner is away.
- One in five (18.3%) would use the money to upgrade equipment or facilities to reduce downtime.
- 5% say they would invest in new technology or automation.
A national survey of small businesses by leading small business lender – OnDeck Australia, confirms that many small business owners would use additional funding to take a well-deserved break. However, plenty would overlook their own need for a vacation, and reinvest funds back into the venture.
For two in five (41.7%) small business owners, additional funding would provide the opportunity to take a break, secure in the knowledge that the venture had sufficient funds to cover unforeseen expenses while the owner is away.
Around one in seven (14.9%) small business owners would use funding to pay for additional or temporary staff to support operations. One in ten (8%) would put additional funds to work hiring or training an interim manager to step into the owner’s role.
However, for many small businesses, additional funding is seen as a chance to re-invest in the business rather than enjoying personal downtime.
- One in five (18.3%) small business owners would use additional funding to upgrade equipment or facilities to reduce downtime.
- One in six (16.5%) say they would invest in the venture’s technology or automation to maintain operations.
Mr Cameron Poolman, CEO of OnDeck Australia, said, “Our research confirms the dedication of small business owners to the success of their enterprise. “We know from previous OnDeck research that one in three small business owners take less than two weeks leave annually. One in seven owners can’t remember the last time they took a holiday. “Despite this dedication, everyone deserves a chance to rest and recharge. As we approach the festive season, it’s important for small business owners to prioritise their personal wellbeing and take time to reconnect with family and friends.”
Mr Poolman added, “Our survey highlights how additional funding can be the key that unlocks much-needed downtime. Whether it’s hiring extra help, restocking inventory, or simply stabilising cash flow, the right funding solution can empower small business owners to step away, confident their business is in good hands.”
OnDeck’s Lightning Loans, offering amounts from $10,000 to $175,000, are tailored for small business needs, with a fast and hassle-free application process that requires just six months of business bank statements upfront. For businesses seeking larger amounts, Lightning Loans Plus provides up to $250,000.
“With approvals in hours and funding delivered just as fast, OnDeck empowers small business owners to secure the cash flow they need – even during the busy holiday season,” said Mr Poolman.
As a business owner himself, Mr Poolman’s message this festive season is clear: “OnDeck is here to help small businesses owners take the well-earned break they deserve this Christmas, so they can focus on what truly matters – spending time with family and friends and stepping into the new year refreshed and ready to thrive.”
About the research
The independent research was conducted online in October 2024 by Octopus Group across more than 500 small business owners Australia-wide.
About OnDeck
OnDeck is a small business lending specialist dedicated to simplifying business finance, since 2015. OnDeck’s 4.8-star TrustPilot rating attests to its commitment to helping thousands of businesses across diverse industries access funds swiftly.
Offering business loans from $10,000 to $250,00 with terms of 6-24 month*, OnDeck has streamlined the lending process for small business. Its Lightning Loans® ensures quick decisions on applications up to $175,000, with decisions in as fast as 30 minutes and funding is as fast as 2 hours^. All its loans are unsecured up to $250,000, with a personal guarantee*. Visit www.ondeck.com.au/partner for more information on their flexible business lending solutions and terms and conditions.
