Commonwealth Bank has today announced further measures to support Australian businesses impacted by floods in Queensland and New South Wales, with eligible businesses* able to defer loan repayments for the next three months.
The bank has communicated with approximately 3,500 immediately eligible business loan customers in flood impacted areas to inform them of this new support measure that allows them to opt in for a three month deferral period between April and June 2022.
Group Executive Business Banking, Mike Vacy-Lyle, said: "The devastation we're seeing across southern Queensland and northern New South Wales is heartbreaking and our thoughts are with all those impacted.
"We know many businesses are still assessing the damage that has been caused to their property, product and operations and we know many businesses will need extra cash to help with their clean up and recovery, such as repairs or restocking.
"To ensure they get the support they need right now, we are making it easier for businesses to have their loan repayments deferred for the next few months. As a result, this will free up about $30 million for businesses most in need and hopefully this helps in getting them back on their feet.
