Banks ‘too cautious’ on SME loans: financial regulators

Great, so what are they actually doing about it?

During the meeting, CFR members discussed that in the coming weeks ASIC will release updated guidance on responsible lending provisions.



“It will confirm that responsible lending requirements do not apply to loans made predominantly for business purposes, regardless of the type of security offered for the loan,” said the CFR statement (and yes, they even bolded the ‘do not’ bit!).

The guidance will also assist lenders to better understand their obligations and reduce the risk of non-compliance.

Great, but what can I do about it?

That’s the easy bit – get in touch with us.

The lending appetite in the SME space is something we’re well across and are more than happy to bring you up to speed on.

So drop us a line and we’ll be happy to run you through some of your business’s financing options.

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