Australia's major banks have started offering $250,000 unsecured loans to small and medium sized businesses, where no repayments will be required for six months. This includes the likes of ANZ, CBA, NAB and Westpac who have all put processes in place to help affected business owners.
The unsecured loans are 50 per cent guaranteed by the Federal Government and interest will be deferred for the first six months. 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.
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. Banks are also putting in place a fast track approval process to ensure customers receive support as soon as possible.
Bank assistance can include:
- A deferral of scheduled loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable
To find out what assistance is available from the Major Banks we have provided the direct links below to their business support pages where all information is listed.
Alternatively, you can speak to your Bank Manger or business support team who will guide you through all the options.
- ANZ – Assistance for Business Owners
- CBA - Assistance for Business Owners
- NAB - Assistance for Business Owners
- Westpac - Assistance for Business Owners