20 Aug 2021

NAB welcomes the extra Government support for businesses impacted by COVID lockdowns

Andrew Irvine, Group Executive for NAB’s Business & Private Bank has today welcomed the announcement by governments and territories of additional support for small businesses impacted by ongoing COVID lockdowns.

 

“The impact of extended lockdowns is tough for small businesses as they face the difficult decisions of how to keep their people in jobs, how to manage

inventory and pay the bills,” Mr Irvine said.

 

“I encourage everyone to support small businesses in their local area, while keeping to the lockdown rules.  And if you can get vaccinated, please do as soon as possible – vaccination is the only path to more freedoms.

 

“For small businesses, our team are here to support you – please reach out to your banker so we can talk about how we can help keep you on your feet.”

 

Business customers struggling with the impacts of COVID-19 are encouraged to call their banker or the NAB Business Customer Care Team. Individuals who need help can call NAB Assist on 1800 701 599. Further information on support available can be found at nab.com.au/coronavirus.

Support available to businesses can include:

·        Restructuring of business facilities along with reduced or waived applications fees;

·        Deferral of principal payments across multiple product options;

·        Waiving costs and charges for withdrawing term deposits early giving customers quick access to cashflow;

·        Credit card and personal loan relief;

·        Professional wellbeing support.

·        Business recovery loan options (under the Federal Government’s SME Recovery Loan Scheme)

Support available for individual customers can include:

·        Providing a temporary reduced payment arrangement;

·        Giving a temporary payment break;

·        Where appropriate, restructuring a home loan or consolidating debt to suit different situations;

·        Wellbeing support or referral to financial counselling.

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