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Funding for small business borrowers should see an improvement following a roundtable meeting between banks and business groups on Friday.
The meeting, which was prompted over concerns that small businesses were being refused vital credit, resulted in plans for the establishment of a small business complaints clearing house for business concerns over access to, and the cost, of finance.
The big four banks also agreed to pass on to business borrowers any reductions in wholesale funding costs.
Craig Emerson, federal minister for small business, said; “The commitment on the availability of funds will help assure the small business community that credit will continue to flow and the undertaking on passing on any reductions to cost of funds will help keep small businesses viable”.
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