14 February 2020
Help on offer for small businesses financially affected by coronavirus
Australian small businesses financially impacted by the spread of the coronavirus are being urged to contact their bank to access assistance on offer which can include deferred loan payments, waiving fees and restructuring loans.
Australian Banking Association CEO Anna Bligh said any small business should not tough it out on their own if they are financially impacted by the effects of the coronavirus.
Anna Bligh, ABA CEO
“Any business financially impacted by the effects of the coronavirus, such as tourism operators, growers and exporters of fresh produce and those reliant on international education should contact their bank to access the assistance on offer.”
“Thousands of businesses have had a horror start to the year with drought, bushfires and floods. Now the coronavirus having a severe impact on both their ability to create products and also export them to markets overseas,” Ms Bligh said.
“Banks have hardship teams in place to walk businesses through the assistance on offer if they have been impacted by events outside of their control.
“Any business financially impacted by the effects of the coronavirus, such as tourism operators, growers and exporters of fresh produce and those reliant on international education should contact their bank to access the assistance on offer,” she said.
The type of assistance offered will depend on individual circumstances, but 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.
Get details of your bank’s hardship team.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Tom Connell Those people with a home loan who have had a fixed rate are getting a shock as they come off that fixed rate. Often as low as two percent and onto the new variable rate that can be as high as six or even seven percent. So how is that affecting people out… Read more »
Australians facing difficult financial decisions are being reminded to get in touch with their bank and get the support they need to keep repayments on track. The Australian Banking Association (ABA) is extending its ‘don’t tough it out on your own’ campaign which was launched last year, with a further round of advertisements to run… Read more »
Steve Austin Well as you know, the Commonwealth Government has made it clear they consider access to cash a priority for the Australian economy and the country’s largest banks, as well as Coles, Woolworths, companies like Wesfarmers and Australia Post have been trying to put together a short term lifeline for Armaguard, who’s the company… Read more »