NAB supports the federal governments business growth fund
In an announcement made by NAB, the company reports its support of the business growth fund in Australia, established by the federal government.
To boost the growth prospects of small and medium businesses, the Australian federal government launched the business growth fund, which NAB has welcomed.
Andrew Irvine, Group Executive for Business and Private Banking at NAB, has stated that the bank has currently invested US$100mn into the Fund, and strongly supports the platform as a way for Australian businesses to access long-term equity capital.
“Access to capital is critical to help businesses reach the next level of growth and I know from my experience with the Canadian Business Growth Fund that initiatives like this are a powerful way to support entrepreneurs. This news will be particularly important to small businesses right now as governments and industry work together to support Australia’s economic rebound,” commented Irvine.
“I’d like to congratulate the Fund’s newly appointed CEO, Anthony Healy – Anthony has been one of the strongest supporters of the Business Growth Fund’s establishment. We are pleased that someone with Anthony’s extensive experience will be leading the Fund and we look forward to working with him to support entrepreneurs right across Australia.”
Recent research conducted by NAB into the barriers faced by small businesses, revealed that easy access to capital is often a challenge for entrepreneurs.
The latest Business Growth Fund - which will total US$540mn, following contributions from multiple banks and the federal government - is expected to be crucial in providing such access.
“Australia has managed the health and economic crisis extremely well, and we have the opportunity to rebound strongly from the impacts of COVID-19. We will continue to advocate for long-term reform to support SMEs to thrive and power Australia’s economic recovery and beyond,” added Irvine.