ANZ has pledged to lend $1 billion to start-up businesses over the next year, and a business lobby says manufacturers could use the financing to develop new technology.
In announcing the new move yesterday ANZ small business banking general manager Nick Reade told Fairfax Media the initiative showed the bank was committed to boosting start-up firms.
“It's an important part of the small business sector that we already support and we decided to show our commitment to this sector by increasing lending to this market,” he said.
While the manufacturing sector is not well-represented in the start-up community, there are no restrictions on the business types eligible for the lending, and Council of Small Businesses of Australia executive director Peter Strong said manufacturers could get involved in the initiative.
Strong told Fairfax manufacturing firms weren't expected to benefit the most from the funds, but the move could still spur innovation in the sector.
“Traditional industries such as transport and manufacturing could apply this money to implement new technologies to evolve into new sectors,” he said.
The new loans are part of an increasing number of new financing opportunities available to manufacturers, with NSW firms also eligible for Government funding under the Innovate NSW program.