FOUR BIGGEST BANKS BUMP $100 MILLION EACH INTO BUSINESS GROWTH FUND

Federal Treasurer Josh Frydenberg will on Wednesday announce the big four banks – Commonwealth, Westpac, NAB and ANZ – will each match a $100 million commitment from the government towards the Australian Business Growth Fund. Another $20 million will be put up by HSBC.
The fund is expected to grow to $1 billion and will invest between 10 per cent and 40 per cent in the selected business.
Businesses will be eligible for long-term equity capital investments between $5 million and $15 million, where they have generated annual revenue between $2 million and $100 million.
This action is the effort to “allow the business owners to maintain their controlling interest, while also allowing the fund to have sufficient influence to encourage business growth”, Treasurer said.
Source: The Age

 

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