Commonwealth Bank rolls out changes to boost its relationship with small businesses

The Commonwealth Bank has announced a series of measures to support small-business clients.

These include decisions on eligible, existing small-business clients applying for unsecured loans of up to $250,000 being made on the same day (from March) and a financial assistance team being set up for small-business clients if they fall into financial difficulty.

In addition, the bank says it will remove more business banking fees from its service, establish 24/7 business banking contact centres and remove default interest charges from business term loans for drought-affected farmers.

The Commonwealth Bank (CBA) is one of Australia’s biggest SME lenders. In a statement, the chief executive officer of CBA, Matt Comyn, said, “While we’re making good progress, there is still more work to do. We are determined to restore respect and trust amongst our customers and communities. Our customers can expect us to continue listening, making changes and providing the best possible experiences, no matter how they bank with us.

“Small businesses are the engine room of the Australian economy - when they thrive, we all thrive,” he said.

Last updated: 14th February 2019