22 March 2020
Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday.
The SME Guarantee Scheme which allows for further funds to be injected into small business will complement the announcement of a six month deferment of all loan repayments attached to a small business financially affected by COVID-19.
In addition to this the grants outlined by the Government to small businesses will also be key in helping small businesses retain staff.
CEO of the Australian Banking Association Anna Bligh said that the SME Guarantee Scheme, when combined with measures announced by banks last week, would provide a strong support to small businesses affected by the COVID-19 pandemic.
“This is a time for close co-operation between Government and our banking sector and the industry will continue to play their part to build the economic bridge to recovery”
ABA CEO Anna Bligh
“It’s important that small businesses across the country are given a lifeline to get them through the difficulty wrought on the economy by the COVID-19 pandemic.
“Banks stand ready to help their business customers get through this, whether it’s deferring their loan payments or providing more working capital.
“Today’s announcement of a second stimulus package, which includes an SME Guarantee scheme, will mean access to funds to see small businesses through this downturn.
“Building on the measures announced by banks last Friday of a six month loan deferment on existing loans, this whole package means businesses are given a strong foundation of support to help keep them open and keep people in jobs through the difficult times ahead,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
E&OERadio Interview2SM Sydney8 May 2026. Topics: Banking hardship support for customers; competition within the banking sector. Tim Webster (Host): So, we’ve done a story ourselves, and it’s a troubling time for people who have a mortgage. They just copped an interest rate rise, and the suggestion is there’ll be even more of them throughout the… Read more »
Customers facing financial stress from ongoing cost pressures and higher loan repayments are being urged to get in touch with their bank if they need support. ABA CEO Simon Birmingham said banks have a range of practical measures they can put in place to help customers navigate the current economic environment. “Australian banks recognise that… Read more »
Good afternoon and thank you to the Trans-Tasman Business Circle for the invitation to speak today. I want to welcome you all here today for this event and the critically important subject I will be talking about, the emerging contribution gap between Australia’s domestically domiciled company and the rise of big tech. It is a timely moment to take stock. In… Read more »