Small to medium-sized businesses have a limited time remaining to apply for the Federal Government’s expanded COVID-19 recovery loan scheme. ANZ Bank has distinguished itself as the only bank offering a digital application process for both existing and new customers seeking these government-guaranteed loans.
The bank's GoBiz platform allows small business customers to apply online for an unsecured business loan of up to $200,000 or an overdraft of up to $100,000. Upon approval, funds can be available in the customer’s account within two business days.
ANZ Managing Director Commercial and Private Banking Isaac Rankin commented, “We understand small business owners are busy and constrained for time, that’s why we are making the process to apply for a loan easier with ANZ’s GoBiz platform.” He added, “We provide customers with convenience and confidence with conditional approval within minutes and make the process easy using accounting software data.”
The GoBiz Unsecured Business Loan also offers an overdraft facility where customers pay only for what they use. Rankin noted that there has been a significant increase in applications over the past month, especially from businesses in retail trade, accommodation, and cafe and restaurant sectors.
“Small and medium businesses are an essential part of the Australian economy and access to finance helps them make investments to drive growth and create jobs. As government restrictions ease we are seeing an increasing number of businesses feeling more confident in borrowing to expand their operations and invest in their future,” Rankin said.
ANZ has observed consumer card spending tracking 13 percent higher than at this time last year, with spending on retail goods rising by 12 percent compared to the same period last year. Despite positive signs of rebounding demand, Rankin acknowledged ongoing challenges such as labor shortages and supply chain uncertainties affecting many small businesses.
“We are optimistic that the next 12 months will be brighter than the past few years for the small to medium sized business sector,” he concluded.