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.
Contact: Rory Grant 0475 741 007
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.