SME Blog & News

How SME Finance Group can help you through these difficult times

As the COVID-19 outbreak continues to impact our lives every day in Australia, many businesses are trying to navigate their way through these challenging times. To support small businesses both the government and banks have stepped in with emergency financial relief strategies. If your business operations have been affected by the COVID-19 pandemic, here’s a snapshot of how the government and your bank could help lighten your financial burden.

Australian Government:
• Cash flow boost (upto $100K)
• Apprentice Wage Assistance (upto $7k per quarter <20 employees)
• Instant Asset Write-off Expansion (upto $150K)
• Business Loan Guarantee (upto $250k)

The Big 4 – CBA, NAB, Westpac and ANZ:
• CBA – deferring repayments waiving merchant terminal fees, waiving early redraw fees + more
• NAB – deferring business loan requirements, assistance on restructuring existing business loans, deferring business credit card repayments, waiving terminal rental fees for up to six months
• Westpac – deferred business credit card payments for up to 3 months, ability to terminate term deposit without penalty, fee free redraws on loans, restructuring and consolidation of loans
• ANZ – 0.25% reduction in variable small business loans, deferred loan repayments for six months with interest capitalised, temporary increase in overdraft facilities for 12 months.

Smaller lenders – Bankwest, Bendigo + Adelaide Bank, Suncorp:
• Bankwest – deferred repayments on business loans, vehicle and equipment finance loans and home loans, waived merchant terminal rental fees, waived early prepayment fees on business term deposits, tailored restructuring programs.
• Bendigo and Adelaide Bank – waived rate reductions for early withdrawal on term deposits, deferred payments or extensions, waived merchant terminal fee for three months
• Suncorp – reducing interest rates for new and existing variable business loans, lowered small business overdraft and line of credit rates by 0.3%, removing various fees from business deposit accounts, deferring loan repayments for six months with interest rates capitalised.

Other Banks offering financial support:
• Even if your lender hasn’t introduced a designated COVID-19 financial relief package or initiative, they will most likely have hardship policies in place to help you cope with the impacts of the pandemic. Start your search at the ABA’s financial difficulty page. It provides general information as well as relevant contact details of all its 22 members. Or if you’re not banking with an ABA member, hit the search bar to find your lender’s financial hardship assistance phone number and keep an eye on any announcements they’ve made regarding the coronavirus.

Now is the time to benefit from any of the above in your business to support getting through this period. Please contact SME Finance Group for advice or support with your business finance needs.

Phone - 03 8825 8888 or leave your contact details on the link below.

 

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