APRA backs small business growth fund led by NAB

The federal government's small business financing push has received a substantial boost after the prudential regulatory singalled it would support the establishment of a Business Growth Fund. The growth fund is one part of the government's two part small business finance policy announced last month which features a potential $2 billion investment in a securitisation fund to help small businesses access debt finance outside the big banks and the "encouragement" of the establishment of a growth fund to provide longer term equity funding. The Australian Prudentional Regulation Authority support was considered crucial to get the fund across the line and it indicated its intention to support the fund at a round table in Canberra on Thursday. "There was general support around the room and there will be a working party that will get on the job very quickly and hopefully get on with the job."