Home Funding & Finance Swan urges businesses denied credit to come forward

Swan urges businesses denied credit to come forward

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Federal Treasurer Wayne Swan has warned the big four banks that they have an obligation to extend credit to viable Australian businesses.

According to the ABC, Swan told the Four Corners program (scheduled to air tonight) that the banks, having accepted Federal support dollars, need to free up credit for “viable businesses that have an adequate income and are profitable into the future”.

To help the government pressure financial institutions into loosening their purse strings to stimulate the economy, Swan urged businesses that felt they had been unfairly denied credit to come forward.

We would be very interested in hearing from companies if they think they have been dealt with harshly and unfairly by the banking system, and if that would lead to destruction of those businesses and increasing unemployment, well, we want to know about it.

If you feel one of the big four banks has unjustly denied your business credit, you can alert the Treasurer’s office here.

(If you think that’s futile, feel free to vent in the comments below.)

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