New dedicated support for tradies

Commonwealth Bank has launched new dedicated support for tradies who are looking to start or grow their own business.

Commonwealth Bank’s Executive General Manager for Everyday Business Banking, James Fowle, said the offerings were designed to provide specialist industry support, recognising the pressure many trades businesses are under as they navigate the current challenges and opportunities facing the construction industry.

“We understand the unique business needs of tradies to manage complex cash flows and run their businesses on-the-go as they juggle full days onsite and current market conditions including increased costs. That’s why we are customising support for the industry with a range of products and discounts to support their individual business needs, as well as tips for apprentices and insights and resources for established trades businesses.”

CBA’s support for tradies includes:

• ‘Smarter’ business transaction accounts (BTAs) to stay on top of cash flow and reduce time spent on admin, with real-time payment alerts, automatic account reconciliation and access to easy to use invoice templates.

• A $500 cashback offer for tradespeople running a small business who have a BTA with CBA and are looking to finance equipment or a vehicle¹.

• Benefits for self-employed tradies who have had their home loan with CBA for more than 12 months, such as the ability to access finance of up to $100,000 for a business vehicle, saving time and hassle by providing only basic application information².

• Business tips, discounts and technology, such as savings on internet, phone and hardware with More telecom and 50 per cent off an accounting software subscription with QuickBooks.

• Through CBA’s Benefits Finder, tradies can apply for eligible benefits, rebates and subsidies to retain staff, access relief in emergency circumstances, and support change and growth for the future, such as the Australian Apprenticeships Incentives Program.

CBA is also recognising the hard work of tradies by continuing our support as Presenting Partner to the Australian Small Business Champion Awards, a national program recognising the achievements of Australian Small Businesses to their local communities across 100 industry categories.

“We are delighted to recognise the country’s top achievers in trades with the expansion of the Trade Services category at this year’s Australian Small Business Champion Awards. It’s set to be a fantastic evening celebrating this hard-working industry, with a particular focus on electrical services, plumbers, painters and carpenters,” said Mr Fowle.

For more information on CBA’s support for tradies and apprentices, or to request a call with a dedicated banker, visit www.commbank.com.au/tradies

¹ This limited-time offer is for Tradies running a small business who apply to finance a vehicle or equipment between 15 July and 15 September, and fund by 1 October 2022. Repayments must be debited from a Business Transaction Account. Cashback will automatically be credited into this account within 60 days. Offer is available for new and existing customers who open a new or refinance an asset finance loan (CommBank refinances excluded) that meet the following criteria: applied for between 15 July and 15 September 2022; settled and funded by 1 October 2022; linked to a Business Transaction Account for the repayments by 1 October 2022.

The Business Transaction Account is to be held in the same Entity Name. This offer is inclusive of any GST, where applicable. We reserve the right to terminate this offer or modify terms and conditions at any time. Cashback will be credited to this Business Transaction Account and may take up to 60 days to be applied. Maximum 1 cashback credit per entity. May be available with other CommBank offers.

Offer is only available to approved business customers for business purposes only. All applications are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes.

Customers should view our current Terms and Conditions for Asset Finance and the Terms and Conditions for Business Transaction and Savings Accounts and consider them before making any decision about these products. Customer is required to have been trading for a minimum of 12 months under a current ABN with annual revenue of less than $1m. Customer qualifies as a tradesperson under eligible trading codes as identified by CommBank. As this information has been prepared without having regard for their individual and/or business objectives, financial situation or needs, customers should, before acting on this information, consider its appropriateness to their circumstances including any implications (such as income tax payable)  that may apply.

² To qualify, customers need to have a current home loan in place with CBA where all repayments have been made on time, that has been in place for more than 12 months with an initial draw down amount of no less than $250,000. Applies to a single business use motor vehicle with a maximum lending amount of $100,000. This policy can be utilised once per customer.

Disclaimer: Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Applications are subject to approval. Interest rates are correct at the time they are published and are subject to change. Fees, charges and eligibility criteria may apply.