Small businesses claiming millions with CommBank digital feature

New data released today by Commonwealth Bank, reveals 12,500 Australian businesses initiated approximately $93 million in claims via CommBank’s digital feature, Benefits finder, between June and December 2021.

During this time, more than 100,000 businesses visited the dedicated Benefits finder for Business dashboard that provides access and simple instructions on how to apply for business-specific financial benefits such as state and federal COVID support measures, growth-focused grants, environmental rebates, and also non-financial benefits such as free training courses. Of the claims for financial business benefits (grants and rebates), the average value of claims initiated by a business via Benefits Finder is just under $11,000.

CBA Executive General Manager, Small Business Banking, Clare Morgan said: “We’re continuing to invest in our digital tools and products to make it easier for our customers to run their businesses, and that includes expanding Benefits finder. We’re moving quickly to keep updating the digital feature for businesses, with new grants, rebates and other benefits continually added every month and in response to real-time events, such as the major flooding across Australia’s east coast. 

“In recent weeks, we’ve updated Benefits finder with state-specific special disaster assistance grants for flood-impacted businesses. This is in addition to CBA’s Emergency Assistance, and the aim is to help those impacted customers find the right support more quickly. Every business has different needs and Benefits finder helps them access support more quickly to, ultimately, put more money back into their business,” said Ms Morgan.

Benefits finder is regularly updated with new benefits and rebates and has had more than 145 business-specific benefits and rebates added since it was expanded for businesses in June 2021. In total, Benefits finder has helped CBA retail and business customers commence more than 1.8 million claims and save more than $500 million since launch in September 2019.

Top business benefits claimed from June to December 2021:

1. NSW Covid Business Support Grant
2. Skill Finder business courses
3. Youth Jobs Path
4. New Enterprise Incentive Scheme  
5. Small business fees & charges rebate

Helping to support NSW Small Business month this March, Benefits finder includes more than 40 benefits for NSW businesses, including benefits from the recently announced NSW State Government support package.  The majority of claims started via Benefits finder for COVID benefits between June to December 2021 were by NSW businesses, with the NSW 2021 Covid Business Grant (2,369 claims) and the 2021 NSW Micro Business Support Grant (1,476 claims) being most popular.

For flood-impacted customers, further information about CBA’s Emergency Assistance and links to other support can be found at commbank.com.au/emergencyassistance.

For more information about the Benefits finder feature visit www.commbank.com.au/digital-banking/benefits-finder