Sydney, Australia – In response to some of its customers affected by the recent lockdowns due to COVID-19, financial institution Commonwealth Bank of Australia (CBA) has announced that it is extending its financial support to affected small businesses in the state of New South Wales in Australia.
Part of the main service CBA will offer is its loans, where they are provided through the federal government-backed SME Loan Recovery Scheme. This offers eligible businesses loans up to AU$5m with variable interest rates from as low as 2.6% per annum for secured loans, and from 2.85% per annum for secured loans with a repayment holiday from 12 months. Unsecured loans are available with rates from 3.25% per annum, and from 3.75% per annum with a repayment holiday from 12 months.
Other services include repayment deferrals on asset finance and eligible business loans; a refund of merchant terminal fees for up to 90 days for eligible customers; and a waiving of fees and notice periods on cash deposit and farm management deposit accounts for eligible customers.
For Matt Comyn, CEO at CBA, they wanted to assure any of their customers who need assistance during this difficult time that they have measures in place to support them including short-term repayment deferrals. He also added that their teams are here to help them and can tailor solutions to suit their different circumstances.
“We know this lockdown will have an impact on the Sydney-based business community and we’ve been speaking to our customers to understand if they need assistance. Our business customers have demonstrated great resilience throughout the pandemic and we’re committed to doing what we can to help them through this lockdown period and beyond,” Comyn said.
He added, “We have a range of measures to help businesses to free up cash flow and provide some certainty, whether it’s through loan deferrals, fee refunds, or new low-cost funding through the SME Recovery Loan Scheme. As well as helping to deliver vital cash flow and provide peace of mind during this challenging time, these funds have allowed many businesses to adapt and innovate their operations, such as transitioning online.”