ANZ has announced the first investment by the Australian Business Growth Fund, expressing optimism that more businesses will soon utilize this opportunity to access capital for growth and expansion. The fund's initial investment of $15 million will support a regional New South Wales-based battery systems innovator in tripling its business over the next five years. This move is expected to create jobs, enhance export opportunities, and boost the Australian economy.
Isaac Rankin, ANZ Managing Director of Commercial and Private Banking, stated: “It is great to see the fund make its first investment at a time when small to medium businesses are dealing with the impact of ongoing COVID-19 restrictions.”
He added, “This fund, on top of recent Federal Government initiatives, provides Australian businesses with options to obtain capital that will help them expand and thrive.”
The Australian Business Growth Fund was established through collaboration between the Federal Government and Australian banks to support local businesses in accessing equity capital. As one of the founding shareholders, ANZ has committed $100 million to this initiative.
This development follows the Federal Government's recent expansion of its Small and Medium Enterprise loan guarantee scheme, which allows more businesses to apply for loans at reduced rates.