Matt Comyn, CEO of CBA and chair of the Australian Banking Association, said: “Small and medium sized businesses play a critical role in the economic life of the country and the varied forms of financial support provided over the past 12 months by government and the banking industry has been essential in helping many SMEs pilot their way through the recession caused by COVID-19. CBA is proud of the role we’ve played in the small business loan guarantee scheme to date, providing around half of the $2 billion in financial assistance.

“While many sectors of the economy are now benefitting from the strong recovery, it is important that we continue to support those businesses who have yet to get back on their feet. Added together with the other measures announced by the Federal Government today for targeted support to the aviation and tourism industries, this latest loan guarantee initiative will also help to provide low-cost finance for SMEs to invest in their businesses, grow jobs and take the opportunities afforded by the recovery.”