The ANZ’s decision to provide specialist assistance to small businesses experiencing difficulties in the current climate, has been welcomed by Federal Small Business Minister Craig Emerson.
Last week Dr Emerson met with representatives of the major banks and the Australian Bankers Association to discuss ways that the banks can reach out to small business, and provide much needed credit flows to the sector.
“Banks play a vital part in keeping small businesses trading,” Dr Emerson said.
The new ANZ program will support small businesses experiencing financial difficulty by providing easy access to dedicated specialists, along with tailored solutions to each business including deferred or reduced repayments for periods of up to 12 months (with interest capitalised into the loan), fee waivers, repayment extension periods and temporary adjustments to customer lending limits including business credit cards and overdrafts.
“Today’s announcement from the ANZ is a step in the right direction and I strongly urge other banks to follow suit.”