As COVID-19 lockdowns and restrictions continue around the country, Commonwealth Bank has moved to update one of its digital features to help make it easier for business owners to understand and connect to state and federal COVID-19 support measures they may be eligible for.
The Benefits finder digital feature has been extended to now include more than 58 benefits for businesses – providing small businesses across the country with access to a personalised collection of benefits based on their needs and location. The 58 business-specific benefits are in addition to more than 270 benefits and rebates already available for personal banking customers – many of which are pandemic-related, including the Pandemic Leave Disaster payment.
Since its launch in September 2019, customers have commenced more than 1 million claims1 via the Benefits finder feature and saved more than $481 million2.
With almost one third of businesses saying accessing and applying for grants and benefits is one of their biggest challenges3, the newly enhanced Benefits finder digital feature helps small businesses identify what benefits they may be eligible for and simplifies the application process so they can access much-needed funds more easily.
The enhanced Benefits finder feature boasts a range of small business specific state and federal COVID support measures, including various cash flow management, employment, and mentoring benefits.
CBA Group Executive Business Banking Mike Vacy Lyle said: “Businesses know that support and benefits are available, but understanding eligibility and accessing them can be overwhelming. We’ve moved quickly to update our Benefits finder digital feature to make that process easier and help business owners understand what is out there, what they are eligible for, and access what they need sooner and more efficiently.”
Business specific benefits available in Benefits finder include:
- NSW COVID-19 business grants: offering up to $15,000 to those businesses impacted by the current Greater Sydney COVID-19 restrictions;
- VIC COVIDSafe Deep Cleaning rebate: offering up to 80 per cent of the cleaning costs to a maximum of $10,000;
- NSW JobSaver Payments: to help small businesses maintain employee headcount;
- South Australia COVID-19 Business Support Grant; and
- Wellbeing and Mental Health Support for VIC Small Businesses.
CBA has a range of additional support measures available for its small business customers including:
- Repayment deferrals on eligible business loans;
- 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 specific for businesses;
- An easy-to-use Financial Support Guide to help businesses, community groups and individuals understand the options available and range of initiatives already announced by the government and Commonwealth Bank;
- Free counselling services; and
- Free mental health webinars facilitated by Smiling Mind.