dailysun.net.au

Business Growth
.

Banks offer certainty to small businesses impacted by lockdowns

  • Written by The Australian Banking Association

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the banks’ ongoing efforts to support small businesses impacted by COVID-19 lockdowns.

The Australian Banking Association says banks will defer loan repayments for small businesses affected by lockdowns throughout Australia for three months.

“This is a positive initiative that will help many struggling small businesses stay afloat in these challenging times,” Mr Billson says.

“The banks’ commitment to support small businesses through this period is highly valued and is the kind of a key support element that could be incorporated into an agreed predictable and known national framework of support.

“Such a framework, involving both Government and private sector elements, step up as COVID-inspired economic constraints and introduced, up-levelled or extended that small and family businesses can count on when seeking to navigate these challenging and uncertain times

“I would encourage all small businesses owners who are experiencing financial difficulties to call their banks now to make the necessary arrangements.

“Home loan support, including deferrals on a month-by-month basis, is also available to small business customers.

“Banks are promising to support small businesses if they need it - so long as the loan is in good standing with repayments up-to-date or there’s a payment program in place.

“It’s encouraging to see our banks taking this proactive approach and leading by example.

“This consistency from the banks will help small businesses navigate and adapt to periods of uncertainty such as this.”

Money

10 Essential Steps for Successful Financial Planning

Financial planning is a crucial aspect of securing one's financial future, regardless of where you live. However, in a bustling city like Melbourne...

The discerning choice: 6 tips for securing equipment financing

There it goes again: that old industrial dishwasher has malfunctioned, flooding the kitchen floor and throwing out your cafe’s service! Or, your o...

5 of the Best Ways to Finance Your New Motorbike

When it comes to motorcycles, not only do you have a choice of many different brands and styles, but there are also a number of ways you can purch...

Securing your cryptocurrency as crypto phishing rises

Given its growing popularity, Peter Kovac, senior researcher at Avast provides advice on how to store cryptocurrencies, keep funds safe, and spot ...

Australians trust banks with their personal data

The Research In modern society, many of us find ourselves giving more and more of our personal information to better experience and use products/...

Tips on bringing up money savvy kids

Knowing how to manage money is a lifelong skill – one that will see our children through good and bad times. But it’s a skill that should be t...

Banks offer certainty to small businesses impacted by lockdowns

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the banks’ ongoing efforts to support small businesses im...

Business Marketing