Welcome to Western Sydney Business Access

 fb tw yt in 

BANKS ANNOUNCES SMALL BUSINESS RELIEF PACKAGE

FOLLOWING the RBA's announcement to cut the cash rate to a record 0.25%, and the subsequent announcement to set up a $90B term funding facility for banks to use to support SME clients, the Australian Banking Association has today announced it will defer loan repayments for six months for those SME's affected by Coronavirus.

The finer detail:

The package could mean as much as $8B worth of loan repayments will be deferred for the six month period.

Banks have set up a fast track approval process and have already started reaching out to their customers to communicate the offer. If you have not heard from your bank you are encouraged to reach out to your account manager.

The package is currently subject to authorisation by the ACCC.



editor

Publisher
Michael Walls
michael@accessnews.com.au
0407 783 413

Access News is a print and digital media publisher established over 15 years and based in Western Sydney, Australia. Our newspaper titles include the flagship publication, Western Sydney Express, which is a trusted source of information and for hundreds of thousands of decision makers, businesspeople and residents looking for insights into the people, projects, opportunities and networks that shape Australia's fastest growing region - Greater Western Sydney.