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The Australian Business Growth Fund’s inaugural investment of $15 million into 3ME Technology Holdings has today been welcomed by Commonwealth Bank (CBA), which is a shareholder of the Fund.

This Fund provides an opportunity for ambitious SMEs to scale up domestically and thrive, which in turn will support job creation and economic growth for Australia.  

“As Australia’s biggest bank, we are acutely aware of the challenges many small businesses face when trying to grow and we are pleased to see this NSW business receive support to flourish,” CBA’s Executive General Manager Regional and Agribusiness Banking Grant Cairns said.

“3ME Technology is world leading in battery technology and this investment will support the manufacturing of batteries in Australia for heavy duty machinery, for industries including defence and space.

“3ME is a customer of ours and we will continue to support them in their growth journey.

“CBA has a range of support measures available to SME customers and encourages owners to get in touch to see how we can assist,” Mr Cairns said.

For eligible customers, support for small and medium sized businesses includes:

  • Repayment deferrals on business loans;
  • $7m in merchant fees waived for three months for businesses hardest hit by COVID;
  • Hassle taken out of Least Cost Routing for small business by automatically routing transactions;
  • A waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts;
  • Loans provided through the Federal Government-backed SME Loan Recovery Scheme;
  • Access to a range of tailored grants and benefits specific for businesses;
  • Easy-to-use Financial Support Guide to help businesses, community groups, and individuals understand the options available and range of initiatives already announced by government and Commonwealth Bank;
  • Free counselling services; and
  • Free mental health webinars facilitated by Smiling Mind.

For more information on the CBA business support measures visit: www.commbank.com.au/coronavirus or call 1800 314 695.

Among the investors, CBA provided $100 million to establish the Australian Business Growth Fund. 

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