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CBA rolls out lending option for SMEs

Friday 28 August 2020 13:27 CET | News

The Commonwealth Bank of Australia (CBA) has launched BizExpress Online, a high-speed lending system for small businesses, available through Netbank and the CommBank app. 

BizExpress gives business customers real-time credit decisions and, if approved, allows funds to be deposited in a business account within minutes. Previously, the lending system was only used internally by CBA staff, but when the coronavirus pandemic hit, the bank launched the product directly to the business community to help those businesses directly affected by the pandemic, according to mobilepaymentstoday.com. 

BizExpress Online initially offered new business loans under the government's SME guarantee loan programme, which permitted repayments to be deferred for the first six months of the loan and to have all fees waived for the life of the loan. Due to the pandemic's severe effect on the small business community, the service will now be extended beyond the government program and offer a broader set of products.


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Keywords: Commonwealth Bank of Australia, CBA, BizExpress Online, lending, SMEs, small businesses, Netbank, Commbank, app, credit decisions, lending system, coronavirus, pandemic, bank, pandemic, business loans, guarantee loan program
Categories: Banking & Fintech | Payments General
Countries: Australia
This article is part of category

Banking & Fintech