Commonwealth Bank’s pioneering fast-speed lending system, BizExpress Online, is now available through Netbank and the CommBank app.
Eligible small business customers can receive a real-time credit decision and have the funds (up to $50,000) credited in their account within 20 minutes.
This digital transformation of CBA’s BizExpress product has been fast-tracked to help small businesses get immediate access to funding to support and grow their operations as the country looks to recover from the worst effects of the coronavirus pandemic.
“When we launched ‘BizExpress’, the aim was to provide a simpler and faster lending experience for our small business customers, with same day decisions and funding within a week,” said CBA Group Executive Business Banking, Mike Vacy-Lyle.
“We’ve continued to invest in our technology platforms – making further digital improvements to the lending application, and earlier this year we used BizExpress to quickly deliver lending support under the Government’s Coronavirus SME Guarantee Scheme.”
To-date, BizExpress has been used by CBA’s business bankers to support customers, meaning the functionality was used internally. With BizExpress Online, customers can now log on and submit the application directly themselves.