The Council of Small Business of Australia (COSBOA) has called on the big banks to reduce their interest rates on loans to small business, following NAB’s decision to reduce loan rates to micro-enterprises by nearly 40 percent.
COSBOA CEO, Jaye Radisich has commended NAB for this initiative, believing it is a positive step for small business.
“This is a significant announcement for small business by a major bank, following the Minister for Small Business’ banking and small business forum held just over a week ago.”
Ms Radisich has urged the other big banks to follow suit and to do more to help small business in such a tough financial climate.
“If the NAB can deliver a rate reduction of nearly 40 percent on their micro-enterprise loan rate, from 9.95 percent to 5.99 percent, then this sets a strong pace for other banks to follow,” she said.
She has encouraged small business to review their financial arrangements and give their business to banks who are “willing to support the continuity of their enterprise.”
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