“We’re firmly committed to supporting all small businesses. As Australia’s largest bank, we will continue to do what we can to ensure small businesses are supported and set up for success for the future. We encourage businesses to speak to us about how we can help meet their business needs,” said Mr Vacy-Lyle.
The extended scheme will offer eligible businesses with an annual turnover of less than $250 million which have been impacted by the pandemic up to $5 million for up to 10 years. It will also see the Government reduce its loan guarantee from 80 per cent to 50 per cent.
More than 24,000 Australian businesses have received more than $2.8 billion in funding support made available through the Commonwealth Bank’s Government-backed SME Guarantee Loan Scheme to help them manage the impacts of the pandemic and as the economy reopens to support business resurgence.
Since the SME Recovery Loan Scheme eligibility criteria was expanded on 1 October 2021, CBA has funded more than half of all loans under the Scheme as part of its commitment to leading Australia’s economic recovery by backing small business.
“We’re continuing to invest in our digital and technology platforms to ensure businesses have fast access to a range of financial support and lending, when they need it most. As part of this, our pioneering lending tool BizExpress, has provided fast and easy access to SME loans,” said Mr Vacy Lyle.
CBA recently announced a zero interest business loan for eligible customers, with just one simple fee¹ and a three month repayment holiday to provide extra support in the lead up to Christmas. The two-year unsecured loan is available to eligible existing CBA customers via the bank’s innovative and self-service digital lending platform, BizExpress Online. Customers can compete the application online, receive a real-time credit decision and fast access to funds.
CBA’s other business support measures have included:
- Repayment deferrals on eligible business loans;
- A refund of merchant terminal fees for up to 90 days for eligible customers;
- A waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers;
- Specialised tailored support for larger business customers; and
- CBA loans provided through the Federal Government-backed SME Loan Recovery Scheme.
Businesses (both new to CBA and existing customers) can apply for a SME Recovery Loan for their term debt, working capital and asset finance needs on CBA’s website at commbank.com.au/sme-recovery, call their Relationship Executive, or call our 24/7 Australian based business banking contact centre on 13 19 98.
Note to Editors:
¹This information is current as at date of publication and is prepared without taking into account your individual and/or business needs and objectives.
a) These products are only available to approved business customers and for business purposes only. Customers need to meet eligibility criteria of the Government SME Recovery Scheme: small to medium sized businesses with up to $250 million turnover, those self-employed, and not-for-profits and have an ABN. This offer cannot be used to purchase residential property or financial products, or to provide loans to associated entities. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. You can view the Business Lending Terms and Conditions our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. (The Business Boost Loan refers to the Better Business Loan in the Business Finance Terms and Conditions.) Full Terms and Conditions are included in the Loan Offer. Bank fees and charges may apply. Applications available to 22 December 2021.
b) No interest is payable for the life of the loan. Instead, you’ll be charged a $200 fee for every $5,000 you borrow. The Establishment Fee is financed through your loan account and is non-refundable (whether you use your Limit or not). The Establishment Fee is capitalised and added to the principal of your loan and will be paid by instalments as part of the principal from when your account is setup. If you (or, if you default, we) terminate the loan before the end of the Term and the principal (including the remaining Establishment Fee) becomes payable, no part of the Establishment Fee will be refunded.
c) A lending decision within 24 hours is subject to the Bank's eligibility and suitability criteria.