ANZ says it will extend support to small businesses experiencing financial difficulty by means of dedicated specialists and tailored solutions
ANZ says it will extend support to small businesses experiencing financial difficulty by means of dedicated specialists and tailored solutions.
Additional support will include: deferred or reduced repayments for periods of up to 12 months, fee waivers, repayment extension periods and temporary adjustments to lending limits.
The announcement follows a previous commitment to provide $8 billion in new lending to small and medium-sized businesses throughout 2009.
ANZ Group Managing Director David Hisco says as the economy slows, small business operators want to know their bank is ready to support them.
“Maintaining lending to sound businesses is key but we also want to be in a position to work loosely with small businesses who are managing through difficult circumstances,” he says.
Federal Minister for Small Business, Craig Emerson, has welcomed ANZ’s dedication during the global financial crisis.
He met with representatives of the major banks and the Australian Bankers Association in Sydney last week to stress that credit is the lifeblood of small business.
“Banks play a vital part in keeping small businesses trading,” he says.
“Today’s announcement from the ANZ is a step in the right direction and I strongly urge other banks to follow suit.”