Deferral of loan repayments for small business

On 20 March 2020, the Australian Banking Association announced a suite of measures that Australia’s banks will implement to assist small business.

These measures will be welcomed by many businesses have been severely impacted by the coronavirus pandemic.

The flagship measure introduced is the opportunity for small businesses to apply to their bank to defer making loan repayments for a period of 6 months. Banks have also sought to reduce interest rates on business loans and have enabled access to term deposits without break fees.

In these times of uncertainty, there are many other strategies that business owners should consider to improve their cash flow situation. If you would like further assistance to discuss these measures, please do not hesitate to contact Banks Group on (03) 9810 0700.

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Banks Group is an association of independent firms that operate in Melbourne, Sydney and Auckland under the same trading name. Neither the Melbourne Banks Group, Sydney Banks Group or Auckland Banks Group are partners or agents of each other and shall not be liable for any act or omission of each other. Liability limited by a scheme approved under Professional Standards Legislation

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All services are provided as a Corporate Authorised Representative of Magnitude Group Pty Ltd (ABN 54 086 266202, AFSL 221557).

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Financial Planning Services provided as an authorised representative of Count Financial Limited ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner of the Financial Planning Association of Australia Limited. Count advisers are authorised representatives of Count. www.count.com.au

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