Banks’ decision to freeze loan repayments for small businesses welcomed

Bendigo Bank East Gosford. Image: GosfordFC

Business NSW Regional Director Central Coast, Paula Martin, says moves by the banks to freeze loan repayments for small businesses will be a great relief to many Coast businesses suffering rapid loss of sales as a result of the coronavirus.

“This is a great move, and something business owners across the country will be thankful for,” Martin said.
“While we may have been critical at times of the banks in the past, it is clear that we are all in this together and any help is appreciated.
“It’s also encouraging to see that the banks have acted swiftly and decisively, with most new arrangements able to be put in place by Monday, March 23.
“What’s important now is that businesses receive proper advice about what to do, that’s why Business NSW is advocating for provision of vouchers for small business owners to spend with their accountant or financial advisor to get that crucial advice.
“There are micro businesses and sole traders who don’t pay any payroll tax who are feeling left out of the conversation at present, so providing them a voucher to get tailored financial advice is the right thing to do.
“The capability is there through the Service NSW website where a system similar to the Active Kids Rebate could be established and administered quickly.
“What we also know is that whenever this pandemic ends, businesses will recover, planes will land, and tourists and customers will start spending again.
“It’s vital that the right advice is given to businesses being inundated with a number of different offerings from all levels of Government, so that they are in the best possible position to survive the current crisis, retain their staff and be in a position to recover quickly.”

Source:
Media release, Mar 20
Business NSW Central Coast, Paula Martin