Commonwealth Bank Chief Executive Officer, Matt Comyn, said:

“This is a welcome development by the Government as it provides small businesses with access to a deeper and long-term pool of financial support which will be necessary to help underpin the recovery and provide SMEs with the confidence to plan and invest for the future.

“It is clear from the challenges that we are currently facing in Victoria that the recovery will not be as smooth or quick as first thought which is why it is essential we come up with creative solutions that offer small businesses in particular different ways to play their part in helping the country and Australians get back on their feet. Having provided around half of the loans already made available through the Government’s existing SME loan guarantee scheme, CBA, as Australia’s largest bank, will continue to support small businesses who are the lifeblood of our economy.

“Today’s lifting of the amount available to $1 million and the loan extension to five years will allow SMEs access to low-cost, guaranteed funding and to make the investments needed to get people back to work, create new jobs and lift confidence across the economy as part of the broader efforts to combat the impact of the coronavirus on our country.”