Australian Banks Back Interest-Free Loans Under Australian Government Program
Australian banks support the roll-out of interest-free loans to businesses through the government's AU$1 billion Economic Resilience Program under the National Reconstruction Fund, the Australian Banking Association said in a statement on Monday.Businesses in identified priority sectors with an annual turnover of AU$100 million or less can secure a zero-interest loan of up to AU$5 million under the program, the banking group said.Banks participating in the program include the Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), Westpac Banking (ASX:WBC, NZE:WBC), and ANZ Group (ASX:ANZ, NZE:ANZ), per the statement.Commonwealth Bank shares fell nearly 1% in morning trade in Australia, while National Australia Bank shares were down past 3%.Meanwhile, Westpac Banking and ANZ Group shares fell nearly 1% in recent trade in New Zealand.