$2b business loans fund hits parliament

Rebecca Gredley
(Australian Associated Press)

 

The federal government’s $2 billion plan to boost the funds available to smaller lenders has hit parliament.

Under the draft laws, small and medium-sized businesses will be able to borrow money at more competitive rates through a new Australian Business Securitisation Fund.

“This bill seeks to increase competition in the SME market by unlocking securitisation funding for small lenders, which will allow them to compete more effectively against the major banks,” Treasurer Josh Frydenberg said as he introduced the legislation to the lower house on Wednesday.

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