Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

ANZ increases credit limit for timely SME funding

The major bank has injected an additional $9 billion in credit into an initiative designed to provide small-business customers with quick access to funding.

ANZ has committed an additional $9 billion for its Quick Assist program, designed to provide for approximately 40,000 of its existing small-business customers with timely access to credit.  

The major bank also extended the maximum credit limit for such customers from $150,000 to $500,000.

Advertisement
Advertisement

Mark Hand, ANZ’s group executive Australia retail and commercial, said the bank uses existing customer information to inform its credit decision to save customers from re-submitting documentation about their financial position.

“These process improvements for our small-business customers will save them time and provide them with more money to continue running or growing their business,” he said.

“Time and money are two of the biggest factors for small business operators. They often don’t have enough time to get things done, and they can’t always get the money they need fast enough.

“We already have a history with these customers, so we should be able to make quicker decisions than we have been, and with these improvements now we can.”

This comes amid several moves from lenders to ramp up their offerings for SME customers.

In December, NAB launched a digital application process allowing small businesses to borrow $100,000 without traditional security requirements such as property or cash.

NAB stated that conditional credit approval can be granted within 10 minutes of the digital application, and eligible small businesses would be able to receive cash 24 hours after contracts are signed and returned.

These initiatives come amid calls from the Reserve Bank of Australia (RBA) for enhanced credit support for small businesses.

Late last year, RBA assistant governor Christopher Kent suggested that major banks were not doing enough to provide small businesses, entrepreneurs and start-ups adequate and affordable access to finance.

“Lending to small businesses is dominated by the major banks, and there is less competition in this market,” Mr Kent said.

[Related: Major bank muscles in on fintech lending turf]

ANZ increases credit limit for timely SME funding
ANZ
mortgagebusiness

Latest News

The corporate regulator has confirmed that responsible lending obligations are not a barrier to making variations from P&I to IO terms i...

The non-major has continued to recover lost ground in the home lending space. However, a rise in interest income has not been enough to prev...

Expectations of a “significant economic shock” in the first half of 2020 have prompted both Fitch Ratings and S&P to downgrade Austr...

FROM THE WEB
podcast

LATEST PODCAST: Managing the influx of COVID-19-related loans

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.