St George Bank pledges support for small businesses

Friday 18 October 2013

Article by Georgia Kriz

St George have this week unveiled plans to strengthen support for the small and medium business sector. The sector is an integral part of the national economy, employing over 70% of the workforce and producing around 33% of annual GDP.

St George Bank pledges support for small businesses

Unfortunately, start-up small and medium businesses have a very high failure rate and often struggle to establish themselves.

St. George CEO George Frazis said that this fail rate informed the bank's decision to support the sector.

"We know that access to funding remains a key issue for small business, so today we want to tell small businesses that St, George has the capability and capacity to support their investment and growth goals," he said.

Franzis announced three key initiatives designer to help small business customers including the employment of 50 additional new St George bankers in order to adequately service the small business sector and an additional $2 billion in lending for small businesses in order to meet rising customer demand. 

St George will also launch Business Hubs - free and fully-equipped office spaces in major business areas across the country in order to provide stat-ups with workspace and the opportunity to network with like-minded individuals.

Minister for Small Business Bruce Billson welcomed the announcement.

"Access to finance remains a serious issues for many start-ups and small businesses and it's great to see St. George getting on board and helping out the sector," he said.

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