ANZ has introduced a digital lending platform aimed at assisting small businesses with swift access to unsecured loans. This new service offers conditional approval for loans up to $200,000 in as little as 20 minutes.
The platform, created in collaboration with DemystData, is known as ANZ Online Business Lending. It integrates with Accounting Software Platforms such as Xero, QuickBooks, and MYOB. Businesses can link their accounting software to ANZ's credit system, allowing the bank to assess financial history and provide quick lending decisions. Full loan approval can be completed within two days.
Mark Hand, ANZ Group Executive for Australia Retail and Commercial Banking, stated: “While the current economic crisis will be devastating for some businesses, there has also been a great deal of resilience and some will be able to come out the other side even stronger. We’re also starting to see new businesses being created to meet emerging customer needs."
Hand emphasized that this technology is designed to integrate seamlessly with existing ANZ platforms, offering a secure and efficient lending experience: “This sophisticated new technology is deeply integrated with ANZ’s existing platforms to provide our customers with a quick, simple and secure lending experience so they can spend more time running and growing their business,” he said.
Customers using this online application will have options including fixed-term loans, variable-term loans, and overdraft facilities.
In July, ANZ provided an update on support packages available for businesses needing assistance. Since March's initial announcement of these programs, over 100,000 accounts have received repayment deferrals across home loans, personal accounts, small business accounts, and commercial accounts.
The new digital lending platform also enables small businesses to borrow under Phase 2 of the Government Guarantee Scheme. Further details about COVID-19 support packages are accessible on anz.com.