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Australian Banks Will Defer Loan Repayments for Small Businesses for Six Months

Australian Banking Association CEO Anna Bligh announced today a small business relief package provided by Australian banks. She says that all small businesses hit by the coronavirus pandemic will be able to access a six-month deferral of all loan repayments.

Bligh stated this package is expected to apply to $100 billion of existing small business loans and believes it can put approximately $8 billion back into the pockets of small businesses during this tough time.

Bligh announced that small business are the most vulnerable part of the economy but should not worry as help will be provided.

“Small businesses are the most vulnerable part of the economy and present the most pressing need for assistance. “

“Australia’s banks have supported the country through difficult times in the past and continue to do so.”

“Small businesses can rest assured that if they need help, they will get it. Banks are already reaching out to their customers to offer assistance and packages will start rolling out in full on Monday,” she said.

It is recommended that any small business who has not already been contacted should contact their bank to apply.

If you would like to discuss this please contact our office.

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