Bendigo and Adelaide Bank backs small business and farmers in industry-wide COVID-19 response
Bendigo and Adelaide Bank is pleased the banking industry has united with Government to provide a dedicated and consistent response to COVID-19 for the small business and agribusiness community. This unified response will provide immediate support for a critical part of Australia's economic engine, employment and social wellbeing.
The Small Business Relief Package, announced by the Australian Banking Association today, will allow any small business and agribusiness customers, financially affected by COVID-19, to defer principal and interest repayments for six months. The Bank is encouraging any business customers who require assistance to contact their relationship manager to discuss options available to them.
The package is available to customers from Monday and the Bank will fast track approvals to ensure customers receive support as soon possible.
In conjunction with today's industry-wide announcement and other available industry assistance measures, the Bank is offering its normal hardship provisions, which are available to affected customers on a case-by-case basis. In addition to the deferral of principal and interest repayments for six months, this assistance includes:
- The waiver of fees for the restructuring or consolidation of loans
- The waiver of interest rate reductions for early withdrawals on term deposits prior to maturity
- The waiver or deferral of a range of fees and charges; and/or
- The deferral of interest payments or term extensions.
The Bank is also extending its existing COVID-19 assistance package for home loan customers. Affected customers can now apply for six months relief on loans, up from the three months previously announced on 16 March 2020.
"Many of our customers have already felt wide-ranging impacts from drought and bushfires and the rapid emergence of COVID-19 has further exacerbated the need for individual assistance and a coordinated industry response. It is essential we provide our customers with the dedicated and necessary support they need to manage through these uncertain times. We have already been actively engaging our customers and our relationship managers are standing by to work closely with them on an individual basis during this challenging period," said Marnie Baker, Managing Director, Bendigo and Adelaide Bank.
We encourage all our Business banking customers, large and small, to speak to their relationship manager or visit their local branch for any assistance. Assistance is also available by calling 1300BENDIGO (1300 236 344). Rural Bank customers can speak to their relationship manager or contact the Rural Bank customer service team on 1300 660 115 for any assistance.