A major bank has launched a $3 billion trade lending pledge for Australian businesses exploring new markets.
Bank’s $3 billion Trade Lending Pledge is for small and medium sized Australian businesses looking to either grow or trade with offshore markets, particularly those looking to trade with Asia.
ANZ CEO Australia Mark Whelan said, “Our Trade Lending Pledge aims to raise awareness of how we can help Australia based business customers, big and small, who are looking to expand in new markets.
“Asia offers incredible opportunities for growth, but often Australian companies don’t know where to start on this journey or believe it is very difficult to access finance.”
25% of Australian businesses operating internationally need additional debt funding every year, while 62% of those businesses said they found it difficult to source this funding from Australian financial institutions, according to Australia’s International Business Survey 2014.
Whelan said ANZ is ready to back Australian businesses looking to expand into new geographies or product and service areas.
“Australia has negotiated a number of significant free trade agreements with key trade partners and there is huge potential for the country to broaden the mix of its export base.”
A recent report by ANZ, PwC and AsiaLink Business predict services could comprise Australia’s largest export sector by 2030 with revenues of $163 billion and employing one million people.
The $3 billion Trade Lending Pledge is available to new and existing customers.