SME growth quango finally funded

The Australian Business Growth Fund, a joint venture between industry and the government, will soon be up and running.
 
The treasurer, Josh Frydenberg,  yesterday confirmed each of ANZ, CBA, NAB and Westpac will commit A$100 million to the fund, while Macquarie and HSBC will contribute $20 million apiece.

The federal government has pledged $100 million.
 
The Australian Business Growth Fund is intended to address a "funding gap for long-term capital to enable high growth potential SMEs".

This fund will benefit "high growth" SMEs with annual turnovers of between $2 million and $50 million.

The fund will invest between 10 per cent and 40 per cent in the selected businesses, taking equity stakes of up to $15 million.