Bendigo Bank Launches Supplementary Business Relief Package
Bendigo Bank will provide its business customers – large and small - with further COVID-19 support following the Federal Government’s latest business relief package announced today.
This assistance, which builds on the Small Business Relief Package announced last week, will provide additional support for Australian businesses who are responsible for driving much of Australia’s economy, whilst supporting employment and social wellbeing. From today, any eligible business customer with facilities up to $10 million can defer repayments of their business loans for six months, with interest capitalised into these existing loans.
To qualify for the deferral, customers must also be no more than 90 days in arrears at the date of the application and confirm their business has been negatively impacted by COVID-19. Business customers who operate as Commercial Property landlords will be required to provide assurance to the Bank they will not take any action against their tenants for the non-payment of rent for the period of their repayment relief. For business customers with facilities above $10 million, relief will continue to be considered on a case by case basis.
“With today’s announcement, almost every business customer will be eligible to seek deferral of loan repayments, which, in conjunction with the range of other available measures, will provide many with options to manage the impact of COVID-19 over the coming months,” said Bruce Speirs, Executive Business Banking, Bendigo Bank.
“We continue to provide the necessary assistance to our customers to ensure they get through this unique and challenging time and we are providing them with tailored support based on their individual circumstances. Today’s news will provide respite for the immediate period, but more support will be required to ready businesses for a long-term recovery. We are here for our customers now and will be here for them tomorrow,” concluded Mr Speirs.
The Bank encourages any business customers who require assistance to contact their relationship manager who can provide them with the relevant options that best suit their needs.
The package follows previously announced support including:
- Business loan variable reference rate cuts of 1.00% p.a. for residentially secured business loans and 0.75% p.a. for non-residential and unsecured.
- Small business fixed rate cuts up to 0.82% p.a. depending on the term and security of the loan.
- Business variable and overdraft rate cuts of 0.25% p.a. announced in early March
- The waiver of fees for the restructuring or consolidation of loans
- The waiver of interest rate reductions for early withdrawals on term deposits prior to maturity
- The waiver or deferral of a range of fees and charges
- The $40 billion SME Guarantee Scheme, to help small business access working capital to assist with the impact of COVID-19.
We encourage all our Business banking customers, large and small, to speak to their relationship manager or visit their local branch for any assistance. Assistance is also available by calling 1300BENDIGO (1300 236 344). Delphi Bank customers can contact their relationship manager on 1300 660 550.