Australia offers zero-interest loans for fuel-hit firms under A$1b program

ANZ and NAB confirmed they will offer the zero-interest loans.

The Australian government is offering zero interest loans to eligible local businesses affected by the recent fuel supply shock.

The A$1b Economic Resilience Program (about US$716m) will be delivered by the local National Reconstruction Fund and run in partnership with participating banks that include ANZ and National Australia Bank (NAB).

Under the scheme, ANZ’s allocation will provide its eligible business customers access to zero interest loans for up to two years to help manage rising fuel and costs.

Eligible businesses are those from priority sectors. The loans are expected to help them manage the rising costs associated with disruptions not just to fuel but also to fertiliser, plastics, and other businesses, NAB said in a separate statement.

Under the Economic Resilience Program, eligible businesses in identified priority sectors may be able to access zero-interest loans administered by participating banks.

ANZ said that businesses seeking more information should speak with their ANZ relationship manager as soon as possible as funds are limited.

NAB said that businesses who may not qualify for the program may still reach out to the bank to assess their options.

“We encourage businesses under pressure to have a conversation with their bank early. Even if you’re unsure what support might be right, talking it through can help clarify the options available,” said Andrew Auerbach, NAB group executive business and private banking.