Following the RBA's announcement to cut the cash rate to a record 0.25%, and the subsequent announcement to set up a $90 billion term funding facility for banks to use to support SME clients, the Australian Banking Association has announced a small business relief package from Australia’s banks.
This includes Australian banks deferring loan repayments for small businesses affected by COVID-19 for six months.
If your small business has been impacted by the COVID-19 pandemic and lockdowns, contact your bank today. Assistance can include:
Click your bank to find out more about their offering:
This might also be an opportune time for you to review your loans, please contact Grantley Stevens or your Nexia Edwards Marshall Adviser to discuss. At Nexia Edwards Marshall, our free mortgage broking service, Flinders Lending Pty Ltd, is ready to help you and your business by conducting fee-free reviews to identify potential interest rate savings or other benefits relating to your loans.
 Australian Banking Association, https://www.ausbanking.org.au/banks-small-business-relief-package/
The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.