Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

ABA backs small businesses affected by coronavirus

The association’s CEO has appealed to any small business that has had operations affected by the international outbreak of the coronavirus to contact their bank or lender for assistance.

The Australian Banking Association’s (ABA) chief executive, Anna Bligh, has appealed to any Australian business that has had its operations impacted by the outbreak and spread of the coronavirus, encouraging businesses to contact their financial provider for assistance.

The first months of 2020 have caused significant difficulties to a number of Australian businesses, in light of drought and fires, with the spread of the virus bringing in a new set of challenges, according to Ms Bligh.

Advertisement
Advertisement

Businesses across industries have been affected by the outbreak, due to the Chinese travel ban and slowdown in trade activity, according to the ABA.

“Thousands of businesses have had a horror start to the year with drought, bushfires and floods,” Ms Bligh said.  

“Now the coronavirus having a severe impact on both their ability to create products and also export them to markets overseas.”

According to the ABA, most financial institutions have a team dedicated to servicing customers facing hardship, particularly in light of natural disasters and unforecasted events worldwide, which the association urges affected businesses to utilise.

“Banks have hardship teams in place to walk businesses through the assistance on offer if they have been impacted by events outside of their control,” Ms Bligh said.

“Any business financially impacted by the effects of the coronavirus, such as tourism operators, growers and exporters of fresh produce and those reliant on international education should contact their bank to access the assistance on offer,” she said.  

According to the association, the type of assistance offered will depend on individual circumstances, but may include: 

  • A deferral of scheduled loan repayments;
  • Waiving fees and charges;
  • Offering interest-free periods or no interest rate increases; and
  • Debt consolidation to help make repayments more manageable.
ABA backs small businesses affected by coronavirus
mortgagebusiness

Hannah Dowling

Hannah Dowling is a cadet journalist for mortgage business, the leading source of news, opinion and strategy for professionals working in the mortgage industry.

Prior to joining the team at Mortgage Business, Hannah worked as a content producer for a podcast catering to property investors. She also spent 6 years working in the real estate sector at a local agency. 

Hannah graduated from Macquarie University with a Bachelor of Media and Journalism. 

You can email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The corporate regulator has confirmed that responsible lending obligations are not a barrier to making variations from P&I to IO terms i...

The non-major has continued to recover lost ground in the home lending space. However, a rise in interest income has not been enough to prev...

Expectations of a “significant economic shock” in the first half of 2020 have prompted both Fitch Ratings and S&P to downgrade Austr...

FROM THE WEB
podcast

LATEST PODCAST: Managing the influx of COVID-19-related loans

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.