As one of the fund’s shareholders, ANZ Managing Director Commercial & Private Banking Isaac Rankin will be appointed to the Board. ANZ has also committed $100 million to the establishment of the fund that will help support Australian businesses access equity capital.
Commenting on the establishment of the fund, Mr Rankin said: “ANZ is supporting small to medium businesses in a range of ways and the establishment of this fund will provide another avenue for them to take advantage of growth and expansion opportunities, particularly as the national economy recovers from the impacts of COVID-19.
“I’m pleased to represent ANZ on the Board and congratulate Anthony Healy on his appointment as the inaugural Chief Executive Officer.”
It comes after ANZ recently joined the second phase of the Government’s Small and Medium Enterprise loan guarantee program. Under the second phase, businesses have the ability to borrow larger amounts over a longer period and with more flexible options.