ANZ has introduced a new process to expedite credit access for its small business customers, allowing them to apply for increased credit limits of up to $500,000. This initiative aims to benefit approximately 40,000 existing small business clients by offering a total of $9 billion in additional credit.
Mark Hand, ANZ Group Executive Australia Retail and Commercial, emphasized the advantages of the new process: “These process improvements for our small business customers will save them time and provide them with more money to continue running or growing their business.”
Highlighting the common challenges faced by small businesses, Hand noted: “Time and money are two of the biggest factors for small business operators. They often don’t have enough time to get things done and they can’t always get the money they need fast enough.”
The Quick Assist application process was initially established around a year ago with credit limits set at about $150,000. With this latest development, ANZ aims to make quicker decisions based on its existing relationships with these customers. As Hand stated, “We already have a history with these customers so we should be able to make quicker decisions than we have been, and with these improvements now we can.”