Matt Comyn, CBA’s Chief Executive Officer, said: “Small businesses are the backbone of our economy - they employ more Australians than any other sector and they contribute immense value to communities right across the country.
“As Australia’s biggest bank, we are very aware of the challenges many small businesses face when trying to grow, particularly during these challenging economic times.
“We’re also very aware of the role we can play in helping address these challenges, which is why we expressed our interest in the Government’s plans from the outset and are pleased to have been involved in helping the Fund reach this milestone.
“We are strong supporters of the Fund and believe it can make a real difference to help businesses achieve their full potential.
“The success of similar funds in Canada and the United Kingdom makes it clear that this model of support can provide a powerful boost for small businesses with the potential to deliver big impacts and help them grow and prosper into the future. We look forward to playing our part in the fund’s work.”
The Fund is intended to support growing, established companies to assist them in reaching their growth potential by providing patient equity capital, through minority ownership positions.
Grant Cairns, Executive General Manager Regional and Agribusiness Banking, will be CBA’s nominated Board Director.