ANZ launches digital lending platform for small business

ANZ has launched a new online lending platform to provide small businesses with conditional approval for up to $200,000 in unsecured lending in as little as 20 minutes.

Developed in partnership with DemystData, ANZ Online Business Lending syncs with Accounting Software Platforms (ASPs) Xero, QuickBooks and MYOB.

Businesses connect their ASPs to the bank’s credit platform to share historical financial information, allowing ANZ to provide a decision on conditional lending in less than 20 minutes and full approval within two days.

ANZ Group Executive Australia Retail and Commercial Banking Mark Hand said: “While the current economic crisis will be devastating for some businesses, there has also been a great deal of resilience and some will be able to come out the other side even stronger. We’re also starting to see new businesses being created to meet emerging customer needs.

“This sophisticated new technology is deeply integrated with ANZ’s existing platforms to provide our customers with a quick, simple and secure lending experience so they can spend more time running and growing their business,” Mr Hand said.

Customers using ANZ’s online business lending application will have access to fixed and variable-term loans as well as overdraft facilities.

Also in July ANZ provided an update for businesses still needing to access support packages. Since the original program was announced in March, ANZ has provided repayment deferrals on more than 100,000 home, personal, small business and commercial accounts.

Small businesses will also be able to use the new digital lending platform to borrow under Phase 2 of the Government Guarantee Scheme.