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.