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The Australian Banking Association is encouraging small businesses financially affected by the spread of the coronavirus to contact their bank so they can receive assistance.
Australian Banking Association CEO Anna Bligh advised that any small business should not “tough it out on their own” if they are impacted by the virus.
“Thousands of businesses have had a horror start to the year with drought, bushfires and floods. Now the coronavirus having a severe impact on both their ability to create products and also export them to markets overseas,” Bligh said.
“Banks have hardship teams in place to walk businesses through the assistance on offer if they have been impacted by events outside of their control,” Bligh added. “Any business financially impacted by the effects of the coronavirus, such as tourism operators, growers and exporters of fresh produce and those reliant on international education should contact their bank to access the assistance on offer.”
The assistance bank are offering will depend on the situation each small business asking for help finds itself if, with the deferral of loan repayments, waiving of fees and charges, interest-free periods and consolidation of debt all on the table.