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Business customers impacted by coronavirus

We're here to support you

It’s a difficult, uncertain time for businesses.

Here you’ll find the support we can give you and your business.

To talk about your situation, contact your business banking relationship manager or your local branch.

This page is updated regularly so keep visiting. View our latest updates for other important information.

Bendigo Bank assistance packages

Small Business Relief Package

The Small Business Relief Package is now available to customers. This package includes business loan relief for up to six months.

Contact your business banking relationship manager or call 1300 236 344 to check eligibility.

Already deferred your repayments for six months?

You may be eligible for an additional four months relief. We’ll contact you to discuss your circumstances near the end of your six-month repayment relief period.

Financial assistance package

We continue to offer our normal financial assistance package to business customers on a case-by-case basis. This includes:

  • For Home and Business Loans, deferred principal and interest repayments for six months^ or term extensions
  • Fees waived to restructure or consolidate loans
  • Other fees waived or deferred
  • Waive merchant terminal rental fee for three months
  • No interest rate reduction for early withdrawals on term deposits

Contact your business banking relationship manager or call 1300 236 344 for details.

Business loan interest rate cut

From 10 April, business loan variable reference rates reduced by 1.00% p.a. for residentially secured business loans and 0.75% p.a. for non-residential and unsecured.

Small business fixed rates were also cut by up to 0.82% p.a. depending on the term and security of the loan. This cut was effective from 3 April 2020.

Contact your business banking relationship manager or call 1300 236 344 for details.

Agribusiness customers

Rural Bank is also helping agribusiness customers with assistance measures. This is in addition to existing support to those recovering from drought and bushfires.

If you’re a Rural Bank customer, contact your relationship manager, call our customer service team on 1300 660 115 or visit our Rural Bank COVID-19 page.

SME Insurance Policy Holders

The following help is available for our IAG (CGU and WFI) SME policy holders:

  • Premium payments deferred for up to six months;
  • Refunds on the unused proportion of premiums for small businesses who cancel their insurance. No administration or cancellation fees;
  • Maintain full insurance cover with no change to premiums for small businesses closing premises due to the impact of COVID-19.

Similarly, there is a variety of measures in place for those SME customers that hold a Bendigo Bank policy via an insurer other than CGU or WFI.

If you have any questions, please contact the Bendigo Insurance Team on 1300 132 983

Federal government assistance

Business Stimulus Package

The Federal Government is helping with a stimulus package for businesses. Please visit the Australian Government’s Treasury website to find out the latest information or speak with your accountant to find out if you qualify.

JobKeeper payment

On 21 July, the Government announced it would extend the JobKeeper Payment until 28 March 2021 to support businesses and not-for-profits that continue to be significantly impacted by COVID-19.

From 28 September 2020 the JobKeeper payment will be stepped down and paid at two rates.

From 28 September 2020 to 3 January 2021, a payment of $1,200 per employee will be available. From 4 January 2021 to 28 March 2021, the payment will change to $1,000 per employee.

More information, including eligibility criteria, can be found on the Australian Government's Treasury website.

Some business customers may also be eligible for credit, for example, an extension to their overdraft, which can offer cash flow to pay staff, while they wait for the JobKeeper program to make the first payments. Each customer will be assessed on a case by case basis to determine the assistance that may be appropriate to their circumstances.

Contact your business banking relationship manager or call 1300 236 344 to discuss.

Loan repayments & tax liabilities 

Managing cash flow during this pandemic is critical.

The ATO is also helping by allowing businesses to request deferrals on tax or BAS payments.

If you’re experiencing or anticipating cash flow issues, act now. Contact your business banking relationship manager.

SME Guarantee Scheme

The Government has extended its Coronavirus SME Guarantee Scheme to support small and medium enterprises (SMEs).

For further details on the scheme visit the Australian Government's Treasury website.

In response, we developed the Business Support Loan, however, this product is no longer available as of 30 September 2020. Please contact us via our online form to discuss other financial assistance options available for your business.

More support information from the Australian Government 

Visit Business.gov.au or call their support line 13 28 26.

Visit the Australian Government's Treasury website and the Australian Government website for more information on the Government's response to Coronavirus. This includes individual State and Territory Government information.

Visit the Fair Work website for information on how ways of working are changing.

^From 30 March any business customer with facilities up to $10 million can defer principal and interest repayments for six months. Please note if customers choose to defer repayments, interest will be capitalised, meaning interest and fees will be added to your loan balance with either the term of the loan extended, or payments increased after the deferral period.

To qualify, customers must confirm their business has been negatively impacted by COVID-19 and be no more than 90 days in arrears at the date of the application. The package is also available to commercial property landlords who have provided assurance to the bank they will not take any action against their tenants for the repayment relief period.

For business customers with facilities above $10 million, relief will continue to be considered on a case by case basis

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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