CBA support for Omicron impacted small businesses

CBA Group Executive Business Banking, Mike Vacy-Lyle, said he welcomed the NSW Government’s new support package, announced yesterday, to support small businesses and wanted to remind businesses across the country of the financial measures available to assist them through the current wave.

“We know many businesses are trying to navigate the challenges of the Coronavirus Omicron wave including staffing shortages and supply chain disruptions. So far, we have seen the impact on businesses vary depending on the industry, the life stage of a business, and the geographic location.

“While our current data shows the majority of our business customers remain resilient in the face of the Omicron variant, we know there are some that need assistance and we will continue to do what we can to ensure businesses are supported to navigate this period.” 

Mr Vacy Lyle said of the businesses seeking financial assistance, about 35 per cent were NSW-based and weighted to the hospitality sector.

“As Australia’s largest bank, we’re firmly committed to supporting all small businesses and we will continue to do what we can to ensure small businesses across the country are set up for the future. CBA has a range of support measures on offer and we encourage businesses to speak to us about how we can help and tailor solutions to meet their needs,” said Mr Vacy-Lyle.

Through CBA’s pioneering lending platform, BizExpress, businesses have fast and easy access to SME loans. CBA’s support measures currently available to businesses include:

• The ‘Business Restarter Loan’ through the Federal Government-backed SME Loan Recovery Scheme enables businesses to borrow up to $5 million with zero establishment fees and repayment holidays available.
• The ‘Business Boost Loan’ through the Federal Government-backed SME Recovery Loan Scheme enables existing customers to borrow up to $100,000 unsecured with zero interest, one simple fee and a three month repayment holiday. The two-year unsecured loan is available to eligible existing CBA customers via the bank’s self-service and innovative digital lending platform, BizExpress Online.
• Repayment deferrals on eligible business loans.
• A refund of merchant terminal fees for up to 90 days for eligible customers.
• A waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers.
• The Commbank Benefits Finder tool in the CommBank App.
• Stream Working Capital financing solutions to support cash flow and bringing forward payment of invoices.

Businesses (both new to CBA and existing customers) can apply for a SME loan for their term debt, working capital and asset finance needs on CBA’s website at commbank.com.au/sme-recovery, call their Relationship Executive, or call our 24/7 Australian based business banking contact centre on 13 19 98.

For more details on the support measures available visit CBA’s website at https://www.commbank.com.au/latest/coronavirus/business-support.html