âOur digital loan platform, BizExpress, provides a loan decision in record time and also allows a client to have the funds in their account in near real time.
âWe also recently launched a digital working capital solution – Stream Working Capital – to help small businesses quickly access cash flow related to their unpaid invoices. “
Mr Vacy Lyle said the bank‘s technology investments, in addition to the expanded program, would ensure that even more companies have access to cash flow, especially those that have been affected by the volatility of foreclosure restrictions. over the past few months.
âMany of our business clients have spoken to the bank about their cash flow needs as they start to think about reopening – whether it’s to cover staff costs, funds to start marketing and advertise their businesses. , replenish stocks and stocks as Christmas approaches. , or develop and expand their operations, âsaid Mr. Vacy Lyle.
âWe saw requests for SME turnaround loans increase by 30% from July to August, and client requests continued to increase in September. Many of our clients feel confident and ready to get back to business and open up again. “
One of those businesses is the Penrith micro-brewery, Rusty Penny, whose owners are eager to restart after a few difficult years.
This weekend, Rusty Penny will be launching a limited edition beer to celebrate the NRL Grand Final and the planned reopening of NSW.
âIt’s been two years like no other and a real headache to try to navigate. When the pandemic first hit, we took out an SME guarantee loan with CBA as a safety net to allow us to move on, survive and move forward, âsaid Mark Lyons, co-owner of Rusty Penny.
âIn the months that followed, we had to change the way we operate. We made most of our sales through on-site draft beer sales and had to move to start canning our beers and organize ‘click and collect’ options. We also organized a food van outside the brewery so that we could provide food and drink to go.
âIn March of this year we had another blow as the flooding impacted our operations. We must be on a very low part of Penrith, the whole road was flooded and we had to close for almost 2 weeks. We were able to use the SME stimulus loan to help us in this task.
âDespite the setbacks, we have grown and our current premises have grown too big. With the SME Recovery Loan, we were able to secure a new lease on a larger site (just 500 meters away) and expand our operations. We are therefore moving from a brasserie that can accommodate 30 people to a brewery that can accommodate 250 people.
âWe have had such great customer feedback that the new larger space means we will have room for brewing, canning products for sale online, and we will also sublet some of the new premises. at Texas BBQ food van so they can have a full kitchen inside the brewery.
âWe have fundamentally changed our business model thanks to COVID and we are really looking forward to opening up again and welcoming our customers again.â
CBA SME loans add to a wide range of Support measures the CBA provides to customers, including merchant fee waivers and business loan deferrals.
To provide an additional injection of cash as Christmas approaches, the CBA is automatically waiving three months of merchant fees for small businesses that have been hit hardest by the latest COVID closures. This equates to over $ 7 million in the pockets of merchant customers.
âWe’ve reached over 50,000 customers this week to let them know we’re automatically waiving their standard merchant fees for September and through November. That translates to roughly $ 7 million in their pockets before Christmas, âMr. Vacy Lyle said.