Relief package extended to help more business customers

The package, led by the Australian Banking Association, has been expanded to help a greater number of business owners navigate the ongoing uncertainty as communities across the country respond to the challenges posed by the COVID-19.  

In a further move of support for businesses the relief package will extend to commercial landlords who commit to not terminating leases or evicting current tenants for rent arrears due to COVID-19.

Suncorp Bank CEO, Lee Hatton said: “Banks across Australia stand united in support of businesses, the communities they live and work in and the significant number of people they employ. 

“The extension of this relief package will see more business owners across the country offered a helping hand as we work together through the coronavirus pandemic,” Ms. Hatton said.

Effective immediately, the business relief package is being extended to customers with up $10 million in total lending that have been impacted by COVID-19. The package includes a deferral of principal and interest repayments for all loans, for a period of six months (interest will be capitalised).

Measures announced today are in addition to those recently announced by Suncorp Bank for business customers. 

These include:

• reducing the interest rate across existing Business Essentials variable loans to save small business customers an average of $1,300 p.a.; 
• removing all business account transaction, online international transfer and account keeping fees on our business deposit accounts; and 
• lowering the Small Business Overdraft and Small Business Line of Credit interest rates by 0.30% p.a.  

Customers wanting to take advantage of the assistance that is on offer are encouraged to visit Suncorp Bank’s COVID-19 customer assistance page here.