Australian challenger bank Judo Bank has reportedly raised $350m credit facility from Citi Bank to help support its coronavirus struggles.
While the coronavirus pandemic is causing a lot of fear for businesses and how they will remain in operation, Judo Bank has said it will use this capital line to help SMEs through this time with loans, according to an article from the Australian Financial Review.
While the company has raised these funds in preparation for the virus, it still believes it is only in the early days of dealing with it.
Judo’s co-chief executive David Hornery told Australian Financial Review, “We have a diversified portfolio, there are a number of inquiries coming through working capital lines, but they are reasonably broad-based at this point. But there is no question there will be losses – it is inevitable.”
Last year, Judo closed a A$400m ($270.62m) round which brought its total amount of funding to A$540m ($365.34m). Investors included, OPTrust Private Markets Group and the Abu Dhabi Capital Group.
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