ANZ has expressed approval for the New South Wales Government's initiative to assist small and medium-sized enterprises (SMEs) as they prepare for the upcoming summer season amid easing COVID-19 restrictions. The SME summer stock guarantee scheme allows businesses with a turnover of up to $50 million to apply for grants up to $20,000 if future restrictions hinder their trading activities, potentially resulting in wasted goods.
Mark Hand, ANZ Group Executive for Australia Retail & Commercial, stated: “The NSW Government’s support for businesses to invest in stock will provide them with confidence as they prepare for a busy festive season and summer holiday period.” He emphasized the importance of this policy during a time when many businesses are planning for the Christmas and New Year period, which can account for up to 50 percent of annual turnover in some retail and hospitality sectors.
Hand further remarked on the role of small and medium-sized businesses as significant contributors to the Australian economy. He noted ANZ's commitment to collaborating with its customers under this new policy framework to help them plan with greater certainty.
ANZ is already offering various forms of financial relief and hardship measures to its SME clients affected by COVID-19. Among these initiatives are extending 30-year loan terms for borrowings up to $3 million and launching 'GoBiz,' an online lending platform that can deliver funding within two business days.
This move by the NSW Government follows a recent expansion by the Federal Government of its Small and Medium Enterprise loan guarantee scheme, which aims to provide more businesses access to loans at reduced rates.