CBA Group Executive, Business Banking, Mike Vacy-Lyle, said: "We are very supportive of the extension of the federal government’s SME Recovery Loan Scheme to those businesses and communities impacted by the floods in NSW and Queensland.
“Whilst the Scheme doesn’t open until 1 April, we are committed to supporting businesses through the recovery, whether from the pandemic or from the recent floods. Our teams are here and ready to help.”
From today, businesses can commence the application process for a SME Recovery Loan on CBA’s website or call CBA’s Business Financial Assistance team on 13 26 07.
CBA has a range of measures to help businesses impacted by the floods including:
- Repayment deferrals on asset finance and eligible business loans.
- Refunding merchant terminal fees for up to 90 days for eligible customers.
- Waive fees and notice periods on Cash Deposit and Farm Management Deposit Accounts for eligible customers.
- Providing tailored specialised support for larger business customers.
Over the past fortnight, CBA has proactively contacted more than 85,000 of its business customers receiving JobKeeper, checking in to understand how they are faring and whether they are in need of assistance.
For more information on the SME Recovery Loans, visit our Business support page: https://www.commbank.com.au/latest/coronavirus/business-support.html
For more information on other support measures available to flood-impacted customers: https://www.commbank.com.au/about-us/support/commbank-incidents.html
E-form, loan application page: https://www.commbank.com.au/business/eform/business-loan-enquiry.html