As the economy continues to open up, CommBank has been focused on providing new solutions and support packages to their customers.
CommBank is pleased to announce details of their offer for existing and new-to-bank customers that may be eligible for Commercial Lending support under the Government Coronavirus Small and Medium Enterprises (SME) Guarantee Loan Scheme, Phase 2.
The Scheme is designed to support SMEs and provide access to additional funding to help Australian businesses in the current Coronavirus environment. This loan can be used for business purposes, including the purchase of commercial property and will be available until June 2021.
The following eligibility criteria apply for Commercial Lending:
- A customer must have an Australian Business Number (ABN).
- Small to medium-sized businesses with up to $50m turnover, including self-employed
- Individuals, community groups and not-for-profit businesses.
- Lending to approved customers under The Scheme is capped at $1m per ABN across all financial institutions and is subject to lending criteria.
- The loan must be used for business purposes including the purchase of a commercial property. Loans must not be used to refinance existing debt (other than Scheme Loans), inter-group lending, to purchase residential property or financial products (such as shares)
- Loan terms can be 3, 4 or 5 years.
Please contact your BDM for more details.