Quick and Efficient Access to Credit For Small Business

Improving the speed at which banks can provide credit to small business

The Government has provided lenders an exemption to the responsible lending obligations for existing customers looking to increase their credit during the next 6 months. This change is designed to improve the speed at which banks can provide credit increases to small business.

Improving  speed of access access to credit

The Government is providing a 6 month exemption to the responsible lending obligations for Banks providing credit to existing customers. This applies to any business credit including:

  • new credit
  • credit limit increases
  • credit variations and restructures

The primary purpose of this exemption is to improve the efficiency of small businesses gaining access to credit. Whilst responsible lending obligations do not currently apply to business purposes, it can take time for lenders to be satisfied that the money borrowed meets the requirements.

Links to Government Resources

FAQs

Go to your bank. The Government has implemented a number of initiatives to encourage banks to offer credit increases, unsecured loans and flexible repayment options for the next 6 months.

The Government has enacted a coordinated series of initiatives to encourage banks to offer credit increases, unsecured loans and flexible lending to small businesses. This includes changing the responsible lending obligations for the next 6 months to reduce the application process length.

Quick and Efficient Access to Credit For Small Business - Frequently Asked Questions(FAQ)

I need money fast to support my business during the Coronavirus pandemic, where should I go?

Go to your bank. The Government has implemented a number of initiatives to encourage banks to offer credit increases, unsecured loans and flexible repayment options for the next 6 months.

Will my bank give me more credit to run my business during the Coronavirus pandemic?

The Government has enacted a coordinated series of initiatives to encourage banks to offer credit increases, unsecured loans and flexible lending to small businesses. This includes changing the responsible lending obligations for the next 6 months to reduce the application process length.

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