澳大利亚小企业融资困境待解 国际经验或可借鉴

澳大利亚专业小企业银行Judo Bank因三笔商业贷款出现问题，股价在一天内下跌40%1，暴露了澳大利亚小企业融资的系统性困难。澳大利亚小企业占所有企业的97%，雇佣约42%的私营部门劳动力，即540万人1，其融资难问题关系到经济活力。

澳大利亚的融资结构呈现明显失衡。过去五年，住房贷款增长约650亿澳元，而小企业贷款（贷款规模低于150万澳元）仅增长58亿澳元1。在小企业融资中，约50%的贷款以住宅地产作为抵押，45%由其他形式担保，不到5%是无担保贷款1。同时，非银行贷款人自2019年以来在小企业贷款中的份额翻了近一倍，2025年达到27%1。

多个国家采取的政府风险分担机制为澳大利亚提供了借鉴。美国小企业管理局向合格商业贷款提供担保，金额最高为500万美元1。英国商业银行的担保使51%的借款人获得了否则无法获得的贷款1。经合组织评审发现，法国和意大利的公共信用担保方案增加了小企业贷款，同时减少了抵押品要求1。

Judo Bank's stock price collapsed by 40 percent in a single day following problems with three commercial loans, laying bare systemic difficulties in Australia's small business lending landscape 1. The crisis highlights how Australia's approach to financing small enterprises differs markedly from other developed economies, where government-backed risk-sharing mechanisms play a more central role.

Small businesses form the backbone of Australia's private sector, employing approximately 5.4 million people—roughly 42 percent of the private workforce—and representing 97 percent of all enterprises 1. Yet the financing system appears misaligned with their needs. Over the past five years, Australian residential mortgages grew by around $65 billion, while small business loans—defined as those below $1.5 million—increased by only $5.8 billion 1. This disparity reflects a structural bias in lending priorities. Approximately 50 percent of small business loans are secured by residential property, 45 percent by other forms of collateral, and fewer than 5 percent are unsecured 1.

Australia's reliance on commercial banks and specialist lenders contrasts sharply with international practice. The United States Small Business Administration guarantees eligible business loans up to $5 million 1, while the UK's Business Bank guarantee scheme enabled 51 percent of borrowers to obtain loans they would otherwise have been denied 1. An OECD review found that public credit guarantee schemes in France and Italy increased small business lending while simultaneously reducing collateral requirements 1. As Australia's non-bank lenders have expanded their share of small business lending—nearly doubling since 2019 to reach 27 percent by 2025 1—the absence of comparable government-backed guarantee mechanisms leaves smaller firms with limited options for obtaining credit on reasonable terms 1.