CBA welcomes further support measures

Commonwealth Bank (CBA) welcomes the Federal and State governments' announcement today of further support for businesses impacted by current pandemic restrictions. CBA will assist its eligible customers with access to bridging finance before Government payments are made available.  

Michael Vacy-Lyle, Group Executive for Business Banking said: “For some businesses, gaining access to this support is critical, especially in order to keep their staff employed. We are pleased to see the Governments’ support for these businesses and CommBank is committed to continuing to play our role in helping Australian business recover from the impacts of the pandemic and the latest restrictions.” 

“CommBank stands ready to support our customers. From tomorrow CBA will make available a new bridging finance facility for customers who need immediate access to the funds from Government payments. 

“We encourage eligible businesses needing help to register for the Government support, and those needing more urgent assistance to contact us. We have a range of Emergency Assistance measures available for our customers, including bridging loans, new lending through the SME Recovery Loan Scheme, repayment deferrals of their Better Business Loans and merchant fee refunds,” Mr Vacy-Lyle said. 

Any businesses that need support including bridging finance, especially those in Sydney, are encouraged to visit the Emergency Assistance Hub, reach out to their dedicated CommBank Relationship Manager or call the 24/7 Business Financial Assistance team on 13 26 07.

Businesses can also apply for a SME Recovery Loan or seek a payment deferral on CBA’s website or call the Business Financial Assistance team on 13 26 07 and find out about our range of COVID Support.

Applications for the Government’s SME Guarantee Scheme (Business Restarter Loan) closed on 17 June 2022.