Banks Throw Relief Lifelines
Australia’s small and medium-sized businesses collectively have $100B in loans and the measures to assist those affected by COVID-19, unveiled by the Australian Banking Association, could put up to $8B back in their pockets.
Businesses affected by COVID-19 will be able to access a range of benefits from their banks.
These benefits include:
- Deferred loan repayments for up to six months
- Interest cost and fee reductions
- Government Backed Unsecured Loans for working capital to eligible customers.
Hood Sweeney Finance Commercial Lending Specialist, Jonathon McLachlan, said businesses need to seek guidance on the fast and complex wave of relief measures being announced, so they can decipher the options and be application ready.
He said being application ready will be an advantage to accessing funding as efficiently as possible. “Bankers will be struggling with volume and well-constructed applications will move faster. Preparation in the key.”
Small businesses, which employ 5 million Australians, “are the most vulnerable part of the economy and present the most pressing need for assistance,” said Australian Banking Association CEO Anna Bligh.
She said banks are putting in place a fast track approval process to ensure customers receive support as soon as possible.
For assistance to prepare an application, or information on the measures on offer from banks, please ring Jonathon McLachlan of Hood Sweeney Finance on 1300 764 200.
Jonathon McLachlan B.AgBus, Dip.FMBM
Commercial Lending Specialist
Hood Sweeney Finance Pty Ltd
Australian Credit Licence No. 391396