Source: Commonwealth Bank of Australia
Monday 30 March 2020: Commonwealth Bank (CBA) has expanded its range of support measures for business customers impacted by coronavirus, announcing additional loan repayment deferrals, automatic merchant fee waivers, and tailored assistance for larger businesses.
By expanding its suite of support, CBA will provide repayment relief of up to $3.6 billion for its business customers, delivering around $600 million back into business cash flows each month. More than 99 per cent of CBA’s business customers are now eligible for loan repayment deferrals.
Approximately $1 billion of the relief will benefit CBA’s commercial property customers.
The new support measures include:
· Expanding the offer of six month loan repayment deferrals to businesses with lending limits of up to $10 million (it was previously for businesses with lending limits up to $5 million).
· Automatically waiving merchant fees for three months for 70,000 small business customers.
· Tailored, specialised support for larger business customers impacted by coronavirus.
CBA Chief Executive Officer, Matt Comyn, said: “The economic, physical and personal impact of the coronavirus will be severe. We are dealing with a health crisis which is precipitating a significant economic shock, and the most vulnerable in our community are especially in need of our collective support.”