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Commonwealth Bank has today announced further measures to support Australian businesses impacted by floods in Queensland and New South Wales, with eligible businesses* able to defer loan repayments for the next three months.

The bank has communicated with approximately 3,500 immediately eligible business loan customers in flood impacted areas to inform them of this new support measure that allows them to opt in for a three month deferral period between April and June 2022.

Group Executive Business Banking, Mike Vacy-Lyle, said: “The devastation we’re seeing across southern Queensland and northern New South Wales is heartbreaking and our thoughts are with all those impacted.

“We know many businesses are still assessing the damage that has been caused to their property, product and operations and we know many businesses will need extra cash to help with their clean up and recovery, such as repairs or restocking.

“To ensure they get the support they need right now, we are making it easier for businesses to have their loan repayments deferred for the next few months. As a result, this will free up about $30 million for businesses most in need and hopefully this helps in getting them back on their feet.

“This is in addition to other measures we have available for impacted businesses, such as fee waivers, so I encourage our customers to get in touch, when they are ready to do so, to discuss their individual circumstances and how we can help them.”A digital registration process is available from today, allowing eligible businesses to submit a form and be automatically assessed for the three month deferral, without having to directly contact the Bank.

Today’s announcement is in addition to the bank’s existing emergency assistance support available for business and retail customers including:

  • Customised payment arrangements including option to apply to defer payments for your home loan, credit card, personal loan and business loans.
  • Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval).
  • Waiving fees and notice periods for early access to Term Deposits.
  • CommInsure customers may be able to access emergency accommodation assistance if their home has been damaged.
  • Loan restructuring for business customers and existing loans.
  • Waiving fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees.
  • We can also expedite claims to CommInsure for customers seeking help through their home and contents insurance.

For businesses seeking funding, CBA’s ‘Business Restarter Loan’ through the Federal Government-backed SME Loan Recovery Scheme enables businesses to borrow up to $5 million with zero establishment fees and repayment holidays available.

On Sunday, CBA announced the $2 million CommBank Flood Relief Fund, which provides $10,000 grants to community organisations to support with their rebuild and recovery efforts.

This Fund is on top of the $2 million in CanGive donations and matched CBA contributions which are being dispersed to support the immediate recovery effort in flood affected communities. CBA has already provided $500,000 through our CanGive Flood Appeal to the Australian Red Cross, Queensland SES, New South Wales SES and Thread Together, to provide immediate assistance on the ground.

For more information, and to apply for a grant from the CommBank Flood Relief Fund click here.  

To access further business support, please phone us on 13 1998 any time, chat to us in your CommBank app or visit us in branch where it is safe to do so. Further information about our Emergency Assistance is available online at  commbank.com.au/emergencyassistance.

Disclaimer:                   

Measures are current at the date of this media release and are subject to change. This information has been prepared without taking into consideration your individual/business needs or objectives. Businesses eligible to apply for a three month loan repayment deferral include any CommBank business customer who holds a Variable BetterBusiness Loan or Variable SuperGear Loan as of 23 February 2022 within impacted flood postcodes with less than $10,000,000 of total liabilities with CommBank. Deferrals are only applicable on Principal and Interest repayment arrangements and Interest Only repayment arrangements. Government Scheme loans may be eligible for repayment deferrals, however, customers will need to contact the Business Financial Assistance Team on 13 26 07 or your dedicated relationship manager for assistance. Fixed rate loans, and loans in arrears are excluded from repayment deferrals. Loan repayment deferrals are offered at the final discretion of the bank.

These products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank's eligibility and suitability criteria and normal credit approval processes. View our current Terms and Conditions for Business Finance and SuperGear and consider them before making any decision about these products. For current interest rates, visit Business banking rates and fees.

**CommInsure is a non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. CommInsure is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 and its obligations do not represent deposits or other liabilities of Commonwealth Bank of Australia or its subsidiaries.

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