More small and medium-sized enterprises can now apply for financial assistance from ANZ as part of the Federal Government’s expanded COVID-19 recovery loan scheme. The initiative aims to support businesses affected by the pandemic, with eligible companies having a turnover of less than $250 million able to access loans up to $5 million for terms up to 10 years at low rates.
Under the revised scheme, businesses are no longer required to have received JobKeeper during the March quarter or have been flood-affected to qualify. ANZ is prepared to assist customers in applying for finance through this expanded loan program, with drawdowns expected from October.
Isaac Rankin, ANZ Managing Director Commercial and Private Banking, stated: “We remain committed to helping small and medium-sized businesses with many of them continuing to face challenges from ongoing COVID-19 restrictions."
Rankin added: “These changes to the scheme’s eligibility will provide many more businesses with access to financing solutions that will help them rebound from the economic impact of the pandemic.” He emphasized that "small and medium businesses are an essential part of the Australian economy and these loans will help them make investments to drive growth and create jobs.”
ANZ continues its support for customers impacted by COVID-19 through various relief measures. Customers needing assistance are encouraged to contact ANZ directly for more information.