As the cost of living rises, CommBank is supporting your small business with practical tools, features and services that can help you thrive – not just survive – under economic pressure.
It’s not just you. Many of our business customers say that besides customers spending less, they are beginning to feel the effects of rising interest rates and inflation, including having to scrutinise and reduce their own costs. In times like these, it’s important to seize every advantage to help ease the burden of a changing economic environment.
CommBank has developed a suite of tools and features designed to help small and medium businesses like yours find and access benefits and services that offer direct, practical support.
Find savings, benefits and grants, for your business
The CommBank benefits finder, accessible through your CommBank app or Netbank, helps businesses track down the government grants, benefits and rebates they may be eligible for.
All you need to do is answer a few questions and our Customer Engagement Engine will use AI to connect you with the benefits most relevant to your business. It’s completely free to use and currently can point to more than 360 identified benefits.
More than 24,000 businesses have started 35,000 claims[1] since benefits finder was made available to business customers in 2021.
The top five benefits for business customers (in order of number of claims started) between June 2021 and December 2022 were:
- NSW COVID Business Support Grant
- Skill Finder Business Courses
- Business Disaster Assist
- Youth Jobs PaTH
- Wage Subsidies.
Sometimes you need a bit more help – and that’s okay
Part of supporting our customers is recognising that all businesses can be at risk of experiencing financial difficulty at some point. This may be related to illness, increased expenses, reduced cash flow natural disaster or pandemic, to name a few scenarios.
If your financial circumstances change for the worse, you should talk to someone and get help, support, and guidance. Contact us if you are, or think you might, be in hardship or need help with your loans. If it’s urgent, you can contact us through your CommBank Business Relationship Manager or the Business Financial Assistance team (12 2607).
We’ll work with you individually to assess your situation. If the result of this assessment is a need for assistance due to financial difficulty, we’ll suggest solutions based on the nature of your problem. If it looks like your business needs long-term assistance, we may be able to provide specialist support.
Read more about the financial hardship support for Business customers here.
Connect with the business community at CommBank SmallBiz Week
Join us for CommBank SmallBiz Week in Melbourne from 23-25 May 2023 to make connections with thousands of other entrepreneurs, as well as representatives from government agencies and industry leaders. SmallBiz Week will bring you strategic data and insights into the future of Australian business, curated for you and your business.
Check out everything at CommBank SmallBiz Week!
Things you should know:
¹CommBank, Small businesses adapt to rising cost environment with pragmatism, 28 March 2023. Accessed 18 April 2023.
²CommBank, CBA’s Benefits finder’ connects customers to $1 billion, 13 February 2023. Accessed 18 April 2023.
This article is intended to provide general information of an education nature. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider its’ appropriateness to your circumstances. Interest rate information and predictions are subject to change depending on economic market fluctuations and conditions. Commonwealth Bank of Australia ABN 48123 123 124.
