Crucial support for Clarence small businesses
AS BUSINESSES deal with the rapidly increasing effects of COVID-19, crucial support has been made available to local businesses.
This morning Australian Banking Association chief Anna Bligh announced small businesses could defer loan repayments for the next six months.
Ms Bligh said there had been a "rapidly and exponentially increasing volume" of small business owners contacting banks, concerned they could not cover loan repayments.
"Small businesses are the most vulnerable part of the economy and present the most pressing need for assistance in the economy today," she said.
"This is a multi billion dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs," Ms Bligh said.
"Banks are putting in place a fast track approval process to ensure customers receive support as soon as possible.
Crucially, the measures will also cover sole traders, who had been left out of the federal governments first stimulus package announced last week.
Ms Bligh emphasised that the package was available to any small business and those who had not contacted their banks already should do so.
"Small businesses can rest assured that if they need help, they will get it. Banks are already reaching out to their customers to offer assistance and packages will start rolling out in full on Monday," Ms Bligh said.
"This deferral of payments will go to any business - we know there are some industries that are showing signs (of financial stress) but this package is not restricted to any sector or any business."