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Finance

NAB: Business Support Loans (Up to $250,000)

Summary

The NAB Business Support Loan has been designed to help our business customers who’ve been impacted by Coronavirus. With this loan you’ll receive: An unsecured business loan of up to $250,0001. Reduced variable interest rate of 4.50% p.a. Loan term of up to 3 years. No repayment is required for the first 6 months. Principal and interest repayments will apply after this period. No application or loan service fees will apply. Eligibility: This loan is available to new and existing NAB business customers who are small and medium sized businesses with a turnover of less than $50 million. The loan must be for business purposes only and be used to support current and upcoming working capital needs (not for purchase of property or equipment). Please note this cannot be applied to existing NAB loans – this is for new loan applications only.
The NAB Business Support Loan has been designed to help our business customers who’ve been impacted by Coronavirus.

With this loan you’ll receive:
  • An unsecured business loan of up to $250,0001.
  • Reduced variable interest rate of 4.50% p.a.
  • Loan term of up to 3 years.
  • No repayment is required for the first 6 months.
  • Principal and interest repayments will apply after this period.
  • No application or loan service fees will apply.
Eligibility:
  • This loan is available to new and existing NAB business customers who are small and medium sized businesses with a turnover of less than $50 million.
  • The loan must be for business purposes only and be used to support current and upcoming working capital needs (not for purchase of property or equipment).

Please note this cannot be applied to existing NAB loans – this is for new loan applications only.
How to apply:
  • For our existing NAB Business customers, you can enquire about our Business Support Loan online or speak directly with your NAB Business Banker.
  • For new NAB Business customers, call us on 13 10 12 to enquire. Please note that we’re currently experiencing a high volume of calls and expected wait times will be longer than usual.
NAB: Business Support Loans (Up to $250,000) NAB: Business Support Loans (Up to $250,000) The NAB Business Support Loan has been designed to help our business customers who’ve been impacted by Coronavirus.<br /><br /><strong>With this loan you’ll receive: </strong><ul><li>An unsecured business loan of up to $250,0001.</li><li>Reduced variable interest rate of 4.50% p.a.</li><li>Loan term of up to 3 years.</li><li>No repayment is required for the first 6 months.</li><li>Principal and interest repayments will apply after this period.</li><li>No application or loan service fees will apply.</li></ul><strong>Eligibility: </strong><ul><li>This loan is available to new and existing NAB business customers who are small and medium sized businesses with a turnover of less than $50 million.</li><li>The loan must be for business purposes only and be used to support current and upcoming working capital needs (not for purchase of property or equipment).</li></ul><br />Please note this cannot be applied to existing NAB loans – this is for new loan applications only. P462 https://www.savvysme.com.au/marketplace/images/detailed/1/blob_2zdf-wi.png
ANZ: COVID-19 Support Package ANZ announced an unprecedented support package for small business and home loan customers with the potential to inject $6 billion into the Australian economy and assist in the recovery from the current COVID-19 crisis.<br /><br /><strong>Details: </strong><ul><li>Decrease variable interest small business loan rates in Australia by 0.25%pa, effective from 27 March 2020.</li><li>All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised.</li><li>Making available temporary increases in overdraft facilities for 12 months.</li><li>A reduction by 0.80%pa to a new two and three-year fixed rate of 2.59%pa for secured small business loans up to $1 million, effective 3 April 2020.</li></ul>The six-month payment support is available to all ANZ’s small and medium business customers. For a customer with $1m in lending, the support equates to $40-$50k of working capital.<br /><br />If all ANZ’s small and medium customers were to take up the offer of a payment deferral, more than $2.5 billion would be freed-up for businesses to continue operating and employing staff during this time.<br />  P459 0 2020-09-24
CBA: BetterBusiness Loans (Up to $250,000) Offering an unsecured loan of up to $250,000 (lending criteria applies) with no establishment, no account fees, and no repayments required for 6 months for small and medium-sized businesses with less than $50 million annual turnover.<br /><br />For the first 6 months, interest will be deferred and capitalised at a reduced variable rate from 4.5% p.a.<br /><br />From 6 months, principal and interest payments will be required.<br /><br /><strong>What is available? </strong><ul><li>Three year, unsecured BetterBusiness Loans of up to $250,000 for working capital purposes only (not asset purchases or refinancing of existing debt).</li><li>For the first six months, all repayments are deferred. For the remaining term of the loan, amortising principal and interest repayments will be applicable.</li><li>No establishment or account fees.</li><li>This offer is for new loan applications only and cannot be applied to existing loans, including top-ups or variations.</li><li>Customers may only access one loan under this offering.</li><li>The BetterBusiness Loan includes online redraw capability, which means customers will only pay interest on drawn balances.</li></ul><strong>Who is eligible? </strong><ul><li>Small to medium sized businesses and community groups with annual turnovers less than $50 million can apply for loans under this offering.</li><li>The offer is limited to one loan per customer.</li><li>Not-for-profit organisations with turnover less than $50 million are also eligible.</li><li>Both current CommBank business customers and new-to-bank customers are eligible.</li></ul> P457 0 2020-09-24
CBA: Deferral for BetterBusiness Loan ($5m-$10m) Eligible business customers with total lending limits between $5-10 million can choose to defer BetterBusiness Loan principal and interest repayments for up to six months from April 2020, in line with the ABA loan deferral arrangements.<br /><br /><strong>What is available? </strong><br />Option to request deferral of all principal and interest repayments on BetterBusiness Loan repayments for a period of up to 6 months on an ‘opt-in’ basis, under the following conditions:<ul><li>For commercial property customers, the customer provides an undertaking to the Bank that for the period of the interest capitalisation, the customer will not terminate leases or evict current tenants for rental arrears where those arrears are a result of coronavirus;</li><li>The customer has advised that its business is affected by coronavirus;</li><li>and Impacted loans are current and repayments have been up to date for 90 days prior to the application.</li></ul><strong>What are the implications? </strong><br />During the deferral period, deferred interest and any fees will be added to the outstanding balance in accordance with the contract and capitalised over the remaining term of the facility.<br /><br />The total amount of interest payable will be more than it would have been under the original contract term if payments are deferred.<ul><li>For amortising (principal and interest) loans, we will extend the loan term at the end of the deferral period so that repayments are in line with what is currently being paid, regardless of any interest rate changes during the deferral period. After the end of the deferral period, interest rates and repayments may change in accordance with the contract.</li><li>For interest only loans, we will add the deferred interest and any fees to the principal of the loan balance at the end of the deferral period. This amount won’t need to be repaid until the maturity of the loan. Interest repayments will recommence after the end of the deferral period in line with the contract.</li></ul> P456 0 2020-09-24
CBA: Deferral for BetterBusiness Loan and Equipment Loan Repayments (up to $5m) <p> CBA will automatically defer BetterBusiness Loan and Equipment Loan principal and interest repayments for eligible business and community customers with total lending limits up to $5 million in April, May and June 2020. </p> <p> CBA will contact customers around the end of their deferral to confirm whether they need a further three-month deferral in line with the ABA loan deferral arrangements. </p> <p> <strong>What is available? </strong> </p> <p> <strong></strong>Automatically deferring all principal and interest repayments on BetterBusiness Loan and Equipment loan repayments for a period of up to 6 months. This 6 month period includes: </p> <ul> <li>An automatic deferral for 3 months for all eligible CommBank customers. Before the end of the first three months, CBA will contact customers so they can opt-in for a further three months.</li> </ul> <p> <strong>Do I have to ‘opt-in’? </strong> </p> <ul> <li><strong>For the April to June 2020 deferral: </strong>No - CBA has automatically opted-in all eligible business and community customers to have their loan repayments automatically deferred for April to June 2020. They will communicate directly with eligible customers by the end of March – there is no need to get in touch with CBA directly to arrange a 3-month deferral.</li> <li><strong>For the July to September 2020 deferral:</strong> CBA will contact customers around the end of their initial deferral to let them know how they can extend their loan repayment deferral for another three months if they need to.</li> </ul> <p> <strong>What are the implications? </strong> </p> <p> <strong></strong>During the deferral period, deferred interest and any fees will be added to the outstanding balance in accordance with the contract and capitalised over the remaining term of the facility. </p> <p> The total amount of interest payable will be more than it would have been under the original contract term if payments are deferred. </p> <ul> <li>For amortising (principal and interest) loans, CBA will extend the loan term at the end of the deferral period so that repayments are in line with what is currently being paid, regardless of any interest rate changes during the deferral period. After the end of the deferral period, interest rates and repayments may change in accordance with the contract.</li> <li>For interest only loans, CBA will add the deferred interest and any fees to the principal of the loan balance at the end of the deferral period. This amount won’t need to be repaid until the maturity of the loan. Interest repayments will recommence after the end of the deferral period in line with the contract.</li> </ul> <p> After the deferral period, CBA will reinstate the regular direct debits. They will communicate these exact arrangements with customers, including how they can continue to make loan repayments should they wish to. </p> <p> <strong>How do I ‘opt-out’?</strong> </p> <p> <strong></strong>All eligible CommBank business customers have been opted-in to the April to June 2020 deferral. The repayment amount will be set to $0 for payments due, with any direct debits paused. </p> <p> If you make repayments yourself, you are no longer required to do so. </p> <p> CBA will communicate with customers about how they can make repayments if they do not wish to be covered by the auto-enrolment. </p> P455 0 2020-09-24
CBA: Waiving Merchant Fees CBA is here to support our customers and are waiving Merchant fees automatically for eligible business and community customers with an EFTPOS device or eCommerce facility from March to May 2020.<br /><br />Eligible customers will be contacted directly before the end of March.<br /><br /><strong>How do I know if I am eligible?</strong> Effective 25 March 2020, we’ll apply the automatic waiver to any business who:<br />a) have been Government ordered to shut down, which includes:<ul><li>Registered and licensed clubs, licensed premises in hotels and pubs, casinos and nightclubs</li><li>Cinemas and entertainment venues</li><li>Auctions and open house inspections</li><li>Personal services such as beauty therapy, tanning, massage and tattoo parlours (but not physiotherapy)</li><li>Outdoor and indoor markets, although “major food markets” (the prime minister cited Sydney’s Flemington market as an example) will be addressed by states and territories</li><li>Amusement parks and arcades, and indoor and outdoor play centres</li><li>Galleries, museums, libraries and swimming pools</li><li>Gyms and indoor sport venues</li><li>Places of worship</li></ul>b) have been impacted by restrictions due to Government ordered change of operations, which includes:<ul><li>Hairdressers and barbers</li><li>Boot camps and personal training</li><li>Restaurants and cafes</li><li>Business related to weddings and funerals</li></ul>We continue to stand shoulder to shoulder with the Reserve Bank, the Government, and the Australian Banking Association, and will review this list as the situation evolves in order to support your business.<br /><br /><strong>What fees are being waived? </strong><br />Customers with a Simple Merchant Plan:<ul><li>Your Simple Merchant Plan fee: this is the flat rate fee paid monthly. It may be $30, $60, $90, $120 or $150 depending on your agreement</li><li>Any excess transaction costs: these are the 1.5% transaction costs which are incurred when you go over your cap limit</li><li>Stationary costs: Only applicable for customers who have an EFTPOS terminal and require printer tally rolls</li><li>Additional terminal Rental fee: $29.50 per additional terminal</li><li>Chargeback fees</li></ul>Customers who are not on a Simple Merchant Plan:<ul><li>Your merchant terminal rental costs: Monthly fee charged for each terminal you have, costs will vary depending on the terminal type. This cost is not applicable for eCommerce products</li><li>The minimum monthly Merchant Service Fee: this cost is unique to each business and can be located within your Fee Schedule</li><li>Stationary costs: Only applicable for customer who have an EFTPOS terminal and require printer tally rolls</li><li>The Monthly Access Fee: this cost is unique to each business and can be located within your Fee Schedule. This cost is only applicable for BPOINT, CommWeb and Internet Merchant Account customers</li></ul><strong>Which fees still apply? </strong><br />Customers who are not on a Simple Merchant Plan:<ul><li>Transaction fees</li><li>Chargebacks fees</li></ul> P458 0 2020-09-24
COVID-19 Unsecured Business Loans <p> We are facing a time of uncertainty as we deal with the Coronavirus (COVID-19) outbreak and the devastating impact on businesses. <span style="background-color: initial;">As a small business lender, we are concerned about the speed and distribution of much-needed stimulus loan products through the major banks.</span> </p> <p> That's why we are pleased to let you know that we have access to the COVID-19 SME Guarantee Scheme through our alternate lending platform, and there are several alternate lenders who will be offering the product. </p> <p> <strong>Do you qualify for the Coronavirus SME Guarantee Scheme?</strong> </p> <p> Our eligible lenders will receive the guarantee for loans that meet the following: </p> <ul> <li>Annual turnover of less than $50 million</li> <li>Maximum loan size of $250,000</li> <li>Maximum loan term of 3 years (with a 6-month repayment holiday)</li> <li>For working capital purposes</li> </ul> <p> The loans will be unsecured, meaning as borrowers you will not have to provide any assets as security. </p> <p> We welcome the opportunity to show you what funding you qualify for without hitting your credit file. </p> P489 0 2020-09-24
NAB: Business Loans <p> NAB has announced a number of business loan support initiatives to support you with your financial needs during this period. </p> <p> <strong>Business Loan Support: </strong> </p> <ul> <li>Choose to defer your principal and interest payments for up to six months on a range of business loans, including loans with floating and variable rates and equipment finance loans.</li> <li>Automatically receive an additional 100-basis point reduction on variable rates for small business options loans from Monday 30 March 2020. This is on top of a 25-basis point reduction earlier in March.</li> <li>Take out a new unsecured loan of up to $250,000 (lending criteria applies). The new NAB Business Support Loan has no establishment or account fee for a period of up to 3 years. The loan has a variable rate of 4.5% p.a. with no repayments due for 6 months and is available where you and your related business entities have a combined annual turnover under $50 million.</li> <li>For larger business customers, NAB is committed to finding appropriate support on a case by case basis.</li> </ul> P460 0 2020-09-24
NAB: Merchant Support For merchants with working terminal(s) that are facing financial hardship due to the Coronavirus, but can still trade as an essential service, we’ll offer a fee waiver on terminal rental for a period of up to 6 months. Merchants that won't be operational for some time, so want to suspend trade If you have working terminal(s) but can no longer trade, and therefore wish to temporarily suspend your facility, we’ll offer a fee waiver on terminal rental and monthly fees (i.e. package or MSF costs) for a period of up to 6 months. Merchants wanting to permanently close their facility If your business can no longer trade, and you wish to permanently close off your facility, we’ll close your facility for you. HICAPS can now process Medicare item codes for telehealth services and COVID-19 items GPs, specialists, consultant physicians, obstetricians, consultant psychiatrists, nurse practitioners, allied mental health workers and midwives can now provide health consultations via telehealth services, which are bulk billed at no cost to patients through their HICAPS terminals. For more information visit COVID19 telehealth services. P461 0 2020-09-24
Suncorp: Financial Assistance <p> Suncorp is offering the following support for eligible small and medium business customers impacted by COVID-19 </p> <ul> <li>Up to six-month deferral of principal and interest repayments (interest will be capitalised, and the term of your loan will be extended, unless otherwise advised)</li> <li>Change from principal and interest repayments to interest only repayments for up to 12 months (the term of your loan will be extended)</li> <li>Six-month deferral of instalments on equipment finance facilities (the term of your chattel mortgage or lease will be extended, and on chattel mortgages your interest will be capitalised)</li> <li>Waiving merchant rental and a minimum monthly fee for up to 6 months</li> </ul> <p> <span style="background-color: initial;">If you would like to apply for this support, and have less than $3 million in business debt, submit your request online or talk to your relationship manager</span> </p> <ul> </ul> P465 0 2020-09-24
Westpac: Business Loan Repayment Deferral Eligible Westpac business customers who need help with managing their cash flow can defer principal and interest payments of business term loans, equipment finance facilities and equipment loans, for six months.<br /><br /><strong>Eligibility for payment relief </strong><br />The deferred payment period applies to eligible business connections impacted by COVID-19:<ul><li>with total business exposure of less than $10 million per customer group;</li><li>and includes commercial property customers, who commit to supporting their tenants throughout the six-month period payment deferral period by ensuring that tenants affected by COVID-19 can continue to operate from their premises even if they are unable to pay their rent;</li><li>where the business is operated in Australia with less than 20% foreign ownership;</li><li>and for those customer's above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days.</li></ul><strong>Please note that: </strong><ul><li>interest deferred will be capitalised: any current fixed rate period will also be extended by 6 months at that fixed term rate;</li><li>and your loan term will be extended by at least 6 months.</li></ul>Contact your Relationship Manager or apply online. P463 0 2020-09-24
Westpac: New Business Loans <p> To support their business customers through this challenging environment, Westpac is offering an unsecured 3-year term loan up to $250,000 to eligible business customers with a turnover of less than $50M. </p> <p> This offer will be available with a 6-month repayment deferral, with interest to be capitalised. No establishment fees or monthly account keeping fees apply. Other fees and charges may apply. </p> <p> Applications are available between now and 30 Sept 2020 to both existing and new Westpac customers. </p> <p> <strong>Who's eligible? </strong> </p> <p> <strong></strong>In order to apply, your business must meet the eligibility requirements as follows: </p> <ul> <li>Businesses with an annual turnover of less than $50 million</li> <li>The business must be a tax resident of Australia that is based, registered and operating in Australia</li> <li>Both existing Westpac customers and new customers are eligible</li> <li>Loans must be used to support current and upcoming cash flow needs</li> <li>Loans must be used for business purposes only</li> <li>Loans cannot be used to refinance drawn facilities with Westpac or any other lender</li> <li>The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000.</li> </ul> <p> <strong>How do I apply?</strong> </p> <p> <strong></strong>If your business has more than $3 million in existing Westpac business lending, contact your Relationship Manager. Otherwise, you can apply in one of the following ways: </p> <ul> <li>If you are an existing Westpac customer, you may already be conditionally approved for up to $75,000 in unsecured funds with Business Advance. If this is the case, sign in to Westpac Live Online Banking to apply online. It generally takes less than 3 minutes. Eligibility and credit criteria apply.</li> </ul> P464 0 2020-09-24
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