Big banks support $20bn business loan guarantee
Announced on Sunday night, Australia’s biggest banks have thrown their support behind a new federal government plan to support the nation’s small and medium-sized businesses.
The government will guarantee 50% of new loans issued by eligible lenders to SMEs, with a pledge of $20 billion to support $40 billion in loans.
Three of the big four banks immediately announced concrete support for the government plan, with measures including:
- Extra funds made available for business loans
- Big rate cuts for unsecured business loans
- Bank staff proactively contacting businesses to offer support
The authorities have now unveiled $189 billion in stimulus, which is designed to help businesses stay afloat and keep Australians in work.
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