All of the Big 4 Banks have their Coronavirus support packages details on their individual websites. They are all a little different to navigate through with CBA the most user-friendly.
NAB are working through their Government Support $250K application process at the moment. ANZ/WBC/BOM clients can apply online and will receive a call back.
All websites also have the ability for clients to request a deferral of Home Loans/Business Loans/Asset Finance Loans.
It appears CBA are automatically deferring their Better Business Loan and Asset Finance Loans repayments for the moths of April/May and June for 3 months. After 3 months eligible customers can continue for a further 3 months. Note Interest continues to accumulate during any deferral period across all Banks.
CBA Offer is listed below;
- Loan Available
3-year, unsecured Better Business Loans of up to $250,000 for working capital purposes only (not purchases or refinancing of existing debt).
- For the first six months, all repayments are deferred.
- For the second six months, an amortised principal and interest repayment –interest rate 4.50%
- No establishment or account fees.
- New loan applications only and cannot be applied to existing loans, including top-ups or variations.
- No interest paid unless you use the loan so it’s there if you need it.
- Eligibility
- Small to medium businesses with annual turnovers less than $50 million.
- Not-for-profit organisations with turnover less than $50 million.
- Both current CBA business customers and new CBA customers are eligible.
- How to Apply
- Contact Relationship Manager direct Otherwise,
submit an enquiry onlinevia website and receive a call back from a CommBank Lending Specialist, or call 13 19 98 .
- Information Required
- Latest Financial Statements or tax Returns to answer a few simple questions regarding the business financial history
You should contact your individual relationship Manager as your first port of call. If unknown, then utlise the online support.
Please find below advice on how to access government support loans for Small Business and Centrelink Benefits for Individuals affected by the economic downturn caused by Coronavirus.
https://www.skynews.com.au/details/_6144280611001
Please find below a link to an Australian Government fact sheet regarding Cash flow assistance for business
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_businesses.pdf
Should you have further queries please do not hesitate to contact our office on 03 9375 4225 or via email at reception@pjaca.com.au
