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A major bank has introduced new initiatives as it looks to better support small business customers and provide quicker access to funding.
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Major bank eyes small businesses with new initiatives
30 January 2020
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The Commonwealth Bank of Australia (CBA) has announced that it will expand its small business banking team with 120 new business banker roles, based in “key geographical areas” and in Australian phone-based business centres.
Dedicated business case managers will also engage with small businesses with more complex inquiries, giving customers a single point of contact to handle their affairs.
In a bid to speed up access to business funding, the bank has also launched BizExpress, a same-day business lending application for eligible customers to get a same-day decision on unsecured loans up to $250,000 and secured loans up to $1 million.
“The nature of small businesses is such that they require quick access to funding, whether it’s to capitalise on opportunities, cover debts or cash flow, or purchase equipment. BizExpress can provide our eligible small business customers with a lending decision in minutes, enabling faster access to the funds they need to keep them growing,” said Clive van Horen, executive general manager of business customer solutions at CBA.
“We fully acknowledge there is concern in the small business community that it is getting harder to access credit. We currently lend more than $500 million to Australian businesses every week and have the capacity and appetite to do much more.”
CBA has also begun removing business banking fees, with the bank removing all electronic transaction fees from Commonwealth Bank business accounts in August last year, and more recently, introducing a more flexible fee option for customers who prefer to bank online.
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“Our small business customers have wanted more from us and we’ve been working hard to make the improvements they’ve asked for — like faster access to cash flow, more specialist bankers and less fees,” Mr van Horen said.
“Small businesses are often the first to feel the pinch from shifts in the broader economy. As Australia’s largest bank, it is imperative we listen to these businesses, back them and try to make it easier for them to innovate, invest and grow.”
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