In acknowledging the vital importance of small businesses in Australia, Commonwealth Bank has today signed a partnership agreement with the peak small business advocacy body, COSBOA, to bolster support to the sector.
The partnership will see small businesses provided with timely business and economic insights through COSBOA podcasts and the Small Business Perspective Report to hear how other businesses are operating, and give them a voice in the discussion on small business policy issues among regulators, politicians, and small business leaders at the National Business Summit.
CBA Group Executive Business Banking Mike Vacy Lyle said: “Small businesses are an integral part of Australia’s economy and we appreciate the unique value that each business brings. This partnership will help inform and educate business owners on relevant topics, and provide useable insights and support for their businesses. It will also help ensure small businesses continue to have a strong voice advocating for them.”
To kick-off the partnership CBA CEO Matt Comyn and COSBOA CEO, Alexi Boyd, recorded the first podcast in an ongoing series that will provide monthly insights to small business. Their conversation covers the current support available for small businesses impacted by COVID-19 restrictions, what the economic recovery may continue to look like, and the importance of doing everything we can to support each other and businesses to get through this current period.
Alexi Boyd, COSBOA CEO said: “We are delighted to be able to partner with the largest bank in the country and this partnership will be a major benefit for the 800,000 small businesses we reach through our professional association members.”
The COSBOA and CBA partnership involves:
- The Small Business Perspective report, a leading annual small business survey over a 12-month period containing business insights and analysis;
- COSBOA Member and Stakeholder Roundtable Communiques – roundtable discussions and podcasts; and
- Major sponsor of the National Business Summit.
“This partnership is another way we can support the small business community and provide relevant and timely insights and information, particularly through the current challenges of lock-downs.
“This includes business support measures such as repayments deferrals, bridging finance and fee waivers,” Mr Vacy Lyle said.
CBA has a range of support measures available for its business customers including:
- Repayment deferrals on eligible business loans;
- Access to bridging finance in advance of government payments;
- A refund of merchant terminal fees for up to 90 days for eligible customers;
- A waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers;
- Loans for eligible customers of up to $5 million through the Federal Government-backed SME Loan Recovery Scheme, with variable interest rates from as low as 2.6% p.a. for secured loans;
- Access to a range of tailored grants and benefits via Benefits Finder- available here;
- A Financial Support Guide outlining a range of initiatives that have been announced by the Government and CBA to help businesses, community groups and individuals understand the options available;
- Free counselling services; and
- Free mental health webinars facilitated by Smiling Mind.