Small Business Relief Package
In March, the Bank first announced financial assistance measures for business customers affected by COVID-19.
If you have already deferred repayments for six months, you may be eligible for an additional four months relief.
What is the Small Business Releif Package?
The Small Business Relief Package is available to Business Banking customers financially affected by COVID-19 (coronavirus). This package includes business loan relief for up to six months*.
The Supplementary Small Business Relief Package is also available to any business customer with facilities up to $10 million, and includes ability to defer principal and interest repayments for six months. Please note if customers choose to defer repayments, interest will be capitalised, meaning interest and fees will be added to your loan balance with either the term of the loan extended, or payments increased after the deferral period.
To qualify, customers must confirm their business has been negatively impacted by COVID-19 and be no more than 90 days in arrears at the date of the application. The package is also available to commercial property landlords who have provided assurance to the bank they will not take any action against their tenants for the repayment relief period.
For business customers with facilities above $10 million, relief will continue to be considered on a case by case basis.
Contact your Relationship Manager for more information and to check your eligibility. We’ll streamline approvals to get you the support you need as soon possible. Alternatively, contact:
- Telephone - 1300 660 550
- Email - firstname.lastname@example.org
- Mail - PO Box 309, Collins Street West, Melbourne VIC 8007
We continue to offer our normal financial assistance package to business customers on a case-by-case basis. This includes:
- The waiver of fees for the restructuring or consolidation of loans
- The waiver of interest rate reductions for early withdrawals on term deposits prior to maturity
- The waiver or deferral of a range of fees and charges; and/or
- The deferral of interest payments or term extensions