Call for cash as credit crunch continues

Printing Industries pleads with Minister for Small Business, Craig Emerson, to make more credit available to promising printing businesses.

During a meeting at Parliament House in Canberra last week, Hagop Tchamkertenian, national manager for policy and government affairs, Printing Industries, spoke with Emerson after a recent online survey conducted by the association, which confirmed that the viability of many printing businesses was at risk.

“I informed the Minister that deteriorating credit availability is already impacting on our industry in terms of job losses and postponement of investment plans. If it is allowed to continue it will start to place more printing and associated businesses at risk,” Hagop said.

“The message that I conveyed to the Minister was that credit should continue to be available to all viable printing and associated businesses.”

According to the survey, 33.1 per cent of respondents indicated that if the credit crunch continues, the viability of their businesses will be placed at risk during the next six months. This proportion rose to 52 per cent for long-term business projections of 12 months or more.

Hagop said the on-line survey findings were broadly consistent with the latest Printing Industry Trends Report.

“The release of the December 2008 quarter Printing Industry Trends Report pointed to a significant deteriorating trend when it showed that the reported outcome for finance availability was the worst reported outcome since March quarter 1990,” he said.

As a result of the meeting, Hagop said he was confident of Emerson’s understanding of the plight of many printing businesses.

“Emerson said that as government policy, he would like to encourage the financial sector to lend more to viable businesses,” Hagop said.