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The financial contagion of the COVID-19 pandemic is expected to reach every business and every household. No one will be immune. Business banking units across all major banks have pivoted to engineer their own COVID-19 economic response to help businesses stay open or re-open in time.
No doubt it’s an ever-changing landscape and packages could change. Here’s what we can gather so far:
The Australian Banking Association advises people or businesses in distress to contact their bank’s financial hardship team.
Banks are providing assistance in relation to the following:
The Australian Banking Association has provided the following contact details for banks:
|AMP||1300 130 191||Experiencing financial hardship|
|ANZ||1800 252 845||Customer Connect|
|Arab Bank||1800 64 64 84||Hardship Assistance|
|Bank Australia||132 888||Contact Us|
|Bank of Sydney||13 95 00||Financial Hardship|
|BOQ||1800 079 866||Financial Hardship Assistance|
|BankSA||1800 679 461||BankSA Assist|
|Bankwest||1300 769 173||Experiencing financial hardship|
|Bendigo and Adelaide Bank||1300 652 146||Financial difficulty assistance|
|Citibank||1800 722 879||Hardship assistance|
|Commonwealth Bank||1300 720 814||Emergency assistance|
|HSBC||1300 555 988||Financial difficulty|
|ING||1300 349 166||Financial Hardship|
|Macquarie Bank||1300 363 330||Financial Hardship|
|ME Bank||1300 500 520||ME Bank financial hardship|
|MyState||13 800 1||MyState financial hardship|
|NAB||1800 701 599||Financial Hardship|
|Rabobank||1800 025 484||Financial Hardship|
|Rural Bank||1800 660 115||Financial Hardship|
|St. George Bank||1800 629 795||St. George Assist|
|Suncorp Bank||1800 225 223||Suncorp Customer Assist|
|Westpac||132 142||Westpac assist|
On 20 March 2020, Australian Banking Association CEO Anna Bligh announced a small business relief package on behalf of Australia’s banks.
Describing it as “a lifeline for small businesses when they need it most”, Ms Bligh urged small businesses to contact their bank to apply.
The big four banks have all announced their current COVID-19 response support for business customers.
Commonwealth Bank of Australia has also committed to paying its Australian suppliers faster.
Eligibility criteria apply.
The Australian Government recently announced the Coronavirus SME Guarantee Scheme to support the flow of credit in the Australian economy, especially for small and medium enterprises (SMEs).
The Scheme is designed to help SMEs access additional working capital funding from lenders.The Government will provide eligible lenders a guarantee of 50 percent on new unsecured loans made by SMEs. The following criteria apply:
Lenders are currently assessing their facilities and are expected to announce further details soon on how business customers can apply for a new unsecured business loan.
The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020.
ezycollect’s Business Support Program is helping SMEs survive this critical COVID-19 period.