ANZ Bank has announced that it would make $8 billion in new lending available during 2009 to support small and medium businesses during the downturn.
The new lending – equivalent to ANZ’s total new lending to SMEs in 2008 – will be aimed at providing working capital to help businesses with their cashflow needs and support new investments. Particular assistance will be given to assist businesses that trade in Asia.
ANZ Group managing director commercial, David Hisco, said the new lending will help SMEs who have fundamentally sound businesses manage through the downturn.
“Australia has around two million small and medium sized businesses. The vast majority of those businesses are well managed and in a sound financial position,” he says.
“By maintaining lending we can play our part in ensuring a strong small and medium sized business sector and supporting economic growth and employment in Australia.