Tyro to provide up to $250,000 to innovative Aussie SMEs

Australia’s sole independent EFTPOS banking company Tyro Payments has revealed plans to provide up to $250,000 in grants with the goal of improving the efficiency of Australian SMEs.

The company will provide up to ten $25,000 grants to businesses with the most innovative ideas on how to improve efficiency and boost growth.

Tyro CEO Jost Stollmann said research indicates that inefficient business banking processes cost SMEs an average of $7800 per year, amounting to nearly $7 billion nationwide.

A report published by the company last month also indicates that 44% of SMEs are losing the equivalent of 19.5 days per year on such inefficient processes.

“With the Smart Growth Grant program, Tyro intends to do two things: crowdsource ideas we can share with the business community to help close the efficiency gap and provide funding for up to 10 businesses to help them kick-start their next phase of growth,” he said.

Stollman made the announcement at Tyro’s nextGen Business Banking Summit. He also laid out his vision for next-generation banking — a cloud-based, integrated and mobile process that encompasses EFTPOS, payments and cashflow-based unsecured growth funding.

“Along with efficiency, swift access to working capital is the most important driver of competitive growth for Australian SMEs,” Stollmann said.

“Ensuring these businesses have access to cashflow-based lending and efficient solutions that allow them to invest, innovate and grow is absolutely critical to sustain the engine room of the Australian economy.”

In Australia, SMEs provide around 50% of private sector employment and contribute 46% of GDP.

Image courtesy of Steve Baty under CC