- CommBank to match dollar-for-dollar donations made by customers to flood relief fund-raising appeal through ‘CanGive’ in the CommBankApp.
- CBA kicks starts appeal with immediate $1 million donation; including
- $250,000 in School Recovery Grants to help replace damaged equipment; and
- $50,000 to Thread Together charity to provide clothing lost in floods.
- Small businesses able to apply for new low-cost SME loans to aid recovery.
Commonwealth Bank of Australia today announced expanded measures to provide financial assistance and support to help communities affected by the floods in New South Wales and Queensland.
CBA will match dollar-for-dollar any funds donated by customers through the CommBank App and its branches across the country.
To help underpin this fund-raising, CBA has donated an initial $1 million to the appeal effort, with the money to be used primarily to support community groups within the flood-impacted regions. Support will be made available through the bank’s recovery grants program that provided millions of dollars of assistance to bushfire-affected areas in 2020.
Customers will be able to make donations through the ‘CanGive’ fund-raising feature in the CommBank App when they log into their accounts from tomorrow (Monday, 29 March). They will also be able to make a donation at any CBA branch from tomorrow.
Every dollar donated by customers will be matched by the bank over and above CBA’s initial $1 million contribution.
As part of that contribution, $250,000 is being provided through CBA’s newly-launched School Recovery Grants, which provide grants of up to $5,000 per school in flooded areas of NSW and Queensland to replace lost and water-damaged equipment and resources.
An additional $50,000 has been donated to the Thread Together charity to ensure it can continue its support to other frontline agencies in impacted communities by providing new clothes to individuals in need. Thread Together has already delivered and dispatched over 5,000 units of clothing to-date.
For small businesses, severely-impacted business customers can apply for immediate financial help to cover specific bank costs. We will waive up to $2,000 on a case-by-case basis. Customers requiring this support should contact their CBA relationship manager or by calling 1800 314 695.
Additionally, CBA has today opened applications to small and medium sized enterprises to access the Federal Government’s SME Recovery Fund to support flood recovery efforts.
This follows the Prime Minister’s announcement on Saturday that businesses in affected areas could tap the new low-cost loans without having previously accessed the JobKeeper program, which is one of the conditions of utilising the government-guaranteed lending scheme.
Matt Comyn, Commonwealth Bank CEO, said: “The images and stories of the devastating impact of the floods on NSW and Queensland communities have been heart-wrenching for all Australians to watch. We’ve been hearing from our customers and our staff on the ground just how much damage has been caused.
“It’s vital that we do everything we can to help these communities as they recover and get back on their feet. The support we’ve announced today, including our commitment to match every fund-raising dollar donated by our customers, will go some way in providing part of the assistance these communities will need to rebuild in the challenging days, weeks and months ahead.”
CBA has contacted more than 820,000 customers in the flood-impacted areas of NSW and Queensland, utilising digital messages sent out to those living in key postcode districts through the bank’s new real-time weather data service offering tailored help to them.
Insurance assessors from CommInsure, the bank’s general insurance division, have been despatched to affected areas as part of the immediate recovery effort to help assess damage to homes and property.
The latest support measures are on top of the help that CBA has already announced through its Emergency Assistance Package to customers and businesses in the flood-affected areas.
As each affected customer will have different needs we encourage them to discuss their individual circumstances by phoning 1800 314 695. Business customers can also call 1800 314 695 or speak with their dedicated CommBank relationship manager.
Special arrangements are in place to provide support to Commonwealth Bank and CommInsure flood-affected customers should they need it, and staff are ready to assist them with any financial concerns or enquiries.
As part of our Emergency Assistance, we can discuss a range of options, including:
- Customised payment arrangements for your home loan, credit card or personal loan.
- Waiving fees and charges.
- Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval).
- Waiving fees and notice periods for early access to Term Deposits.
- Other individual support options may also be available to you.
- For CommInsure customers, we are able to assist with emergency accommodation if your home has been damaged.
- We can also expedite claims to CommInsure for customers seeking help through their home and contents insurance.
To access this support please visit us in branch or phone us on 1800 314 695. Further information about our Emergency Assistance is available online at www.commbank.com.au/emergencyassistance.