Commonwealth Bank of Australia (CBA) is expanding the support available to small businesses across Australia significantly impacted by recent pandemic-related restrictions.
Eligible small business customers with a better business loan of up to $3m will be offered a repayment holiday of up to three months, to provide cash flow relief if their business has been significantly impacted.
CBA CEO Matt Comyn said: “The pandemic continues to impact businesses across Australia, with small businesses in particular facing cash flow challenges as a result of the lockdowns and restrictions on travel. We recognise that some small businesses, like those in the tourism, hospitality and retail industries, are where the effects of lockdowns are being most acutely felt.”
From Tuesday (13 July 2021), CBA will proactively contact eligible businesses to offer a loan repayment deferral through a simple online process.
CBA’s Group Executive of Business Banking Mike Vacy-Lyle said: “Throughout the pandemic, CBA has been committed to playing a leadership role in Australia’s economic recovery. Having supported tens of thousands of businesses in 2020 with repayment holidays and fee waivers, we know how valuable cash flow relief can be for those businesses who need it most. We will contact our eligible customers and offer them access to these support options though a simple and stress-free online form.
“This offer is in addition to the current range of COVID Support measures that CBA is offering to impacted customers ranging from fee waivers on merchant terminals to options that allow eligible businesses access to additional credit,” Mr Vacy-Lyle explained.
For both individual and business home loan customers, CBA is offering a range of targeted support to those most in need, including deferrals on a month-by-month basis.
CBA continues to offer loans to both new and existing customers under the Federal Government-backed SME Loan Recovery Scheme. These loans, available to eligible businesses can be up to $5 million with variable interest rates from as low as 2.6% p.a. for secured loans, and from 2.85% p.a. for secured loans with a repayment holiday from 12 months. Unsecured loans are available with rates from 3.25% p.a., and from 3.75% p.a. with a repayment holiday from 12 months.
Any businesses that need support, especially those in Sydney, are encouraged to call 1800 314 695 or reach out to their dedicated CommBank Relationship Manager. Businesses can apply for a SME Recovery Loan on CBA’s website or call the Business Financial Assistance team on 13 26 07.
Disclaimer: Rates current at 09 July 2021, and are subject to change. For current interest rates visit, Business banking rates and fees. For more information on the SME Recovery Loan Scheme visit, Coronavirus business support.