‘Predatory’ lenders circle small businesses struggling to pay ATO debts and desperate for cash

Small business owner Mia Li breaks down in tears when she recalls losing her family home. She made the tough decision to sell her property to save her business that was on the brink of collapse because of mounting debts to the Australian Taxation Office (ATO) and suppliers. The debt was made worse after she took on a small business loan she didn’t understand came with a big catch. “We tried everything (we could) to stop (losing the family home), but we had to sell the house first to pay the lender,” she says. Ms Li imports window frames from…