Australian banks have announced measures to assist small businesses that are being impacted by the COVID-19 pandemic.
Among these measures are the deferment of loan repayments for six months and a small business relief package to be offered as well.
“This Assistance Package will apply to more than $100 billion of existing small business loans and depending on customer take-up, could put as much as $8 billion back into the pockets of small businesses as they battle through these difficult times,” Australian Banking Association (ABA) CEO, Anna Bligh, said.
“This is a multi-billion-dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs.”
A fast-track approval process is being put in place to ensure customers receive support as soon as possible.
“Australia’s banks have supported the country through difficult times in the past and continue to do so,” Bligh said. “While this is first and foremost a health crisis, this pandemic has begun to have serious impacts across the economy, with small businesses beginning to feel the devastating effects.”
The ABA noted that over the last few days, banks have worked closely with the Treasurer and the Government to identify measures to support the economy through this crisis. It was determined that small businesses are the one that are most vulnerable to the crisis, thus needing more urgent assistance.
“Small businesses employ five million Australians and this package is designed to help them keep doing just that,” Bligh said. “Small businesses can rest assured that if they need help, they will get it. Banks are already reaching out to their customers to offer assistance and packages will start rolling out in full on Monday.”
Any small business who has not already been contacted are being encouraged to contact their bank to apply.
