Dedicated support for veteran-owned businesses announced

Commonwealth Bank has announced that it has set up a dedicated team of specialised business bankers that will provide tailored support to past and present members of the Australian Defence Force (ADF) and their families who are keen to start or grow their own businesses

CBA’s Executive General Manager of Small Business Banking, Clare Morgan, said that the team, to be known as Veterans Business Bankers, will include employees who are members of the veteran community, including Reservists in the ADF as well as the family of service members.

“Some of our team have walked the same path and understand how best to help veterans pursue their next endeavours in life,” Morgan said. “Veteran entrepreneurs will be able to access practical advice about how to create a successful and sustainable business as well as support to build connections with others in the veteran business community.”

The scheme will also offer veterans discounts and offers on business support materials and technology that will help them manage their business operations. And CBA is partnering with the Veteran Community Business Chamber to provide a financial literacy program to the veteran community, including sessions on managing cashflow, and leadership and marketing – equipping veterans and their families with the resources and skills they need to transform their businesses from ideation to creation.

“The partnership between the CBA and VCBC is all about empowering a ‘can do’ attitude,” Veteran Community Business Chamber Co-Founder, Pete Liston, said. “Veteran community members in small businesses are highly motivated, aspirational and focus on delivering amazing customer service. Both CBA and VCBC are here to support strong and resilient veteran community businesses.”

Recent research has estimated that there are over 30,000 businesses in Australia owned by veterans across every industry.