Money in your pocket? What the $105 billion lending boost means for small business
The federal government and the Reserve Bank of Australia have pumped $105 billion into banks and lenders, to try to get credit to struggling SMEs.
As Australians await a second stimulus package, the federal government and the Reserve Bank of Australia have pumped $105 billion into banks and lenders, to try to get credit to struggling small businesses.
The RBA announced yesterday it has issued a $90 billion term funding facility for authorised deposit-taking institutions, with a specific directive that they should use it to issue loans to small and medium businesses.
Banks can borrow up to 3% of their existing outstanding credit, plus additional funding if they can prove they have increased lending to SMEs.
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