The Australia and New Zealand Banking Group (ANZ Group) has rolled out a new online lending platform for small businesses, which is developed in partnership with DemystData.
The platform will allow small businesses to avail unsecured loan of up to A$200,000 within 20 minutes.
The ANZ Online Business Lending syncs with accounting software platforms (ASPs) Xero, QuickBooks, and MYOB.
Businesses can share their historical financial data by connecting their ASPs with the ANZ’s credit platform.
ANZ Group Australia retail and commercial banking executive 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 are 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.”
Additionally, ANZ’s online business lending application will also provide customers with access to fixed and variable-term loans, and overdraft facilities.
Small business can also avail the new lending facility under the second phase of Australia’s Government Guarantee Scheme, related to the Covid-19 pandemic.