Business
ANZ lags in writing SME ‘coronaloans’ – The Australian Financial Review
The big four bank has approved fewer than one in 20 of the government-backed loans designed to get credit flowing.
Treasury is part-way through a consultation process with industry on how to improve the scheme, which is due to be relaunched on October 1.
While 44 lenders have been approved to use the scheme, smaller players have complained of the uneven playing field created by the Term Funding Facility, a pool of cheap money established by the Reserve Bank which loans funds at 0.25 per cent to authorised deposit-taking institutions.
Mr Elliott said the bank viewed the SMEG as backstop. The bank preferred …
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