“Westpac Group is proud to be a founding member of the Australian Business Growth Fund (BGF), investing $100 million as part of a Government and banking industry response to back Australian businesses.
“Equity funding provided at the critical scale-up stage will enable more Australian SMEs to pursue new opportunities, expand and fulfil their potential.
“Westpac is committed to helping Australian business succeed and grow. Given the challenges business owners have faced in the past 12 months – drought, bushfires, floods and a global pandemic – the ability to back more small and medium businesses with strong growth potential will bring flow-on benefits to employment, productivity and the Australian economy.
“We’re passionate about Australian businesses and Westpac is proud to be part of this initiative aimed at stimulating economic growth and scale-up of SMEs.
“Westpac has over 700,000 small business customers, and we recognise that many find it difficult to attract passive and patient equity investment that can help them grow without taking on additional debt or giving up control of their business.
“These businesses are our future, and we look forward to seeing the impact these funds have as business owners make the most of the opportunities in their markets.”