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As the major flooding event across eastern parts of Australia continues to wreak havoc, banks, lenders and government departments dig deep for impacted communities.
SME lender Prospa recently announced plans to defer small business loans repayments for customers affected by major flooding, on the back of similar announcements from Australia’s banking sector.
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Prospa said it would “proactively” alert small business customers that loan repayments will be deferred for a short period to provide "breathing space" as the clean-up begins for flood affected regions across Queensland and NSW.
“We understand that small business customers around the surrounding regions may also be impacted, therefore we encourage brokers and those affected to contact our business lending specialists to discuss support measures available," co-founder and chief revenue officer Beau Bertoli said.
It comes as the Queensland and Commonwealth governments roll out a $558.5 million package for small businesses, farmers, not-for-profit organisations, and sporting and community clubs in south-east Queensland, while Westpac launched a $2 million fund for its small-business customers.
The major bank said it would provide $500,000 to support impacted customers and businesses while also matching up to $500,000 of the donations made through its CanGive Flood Appeal.
NAB launches $1.2m fundraising campaign
Additional to the previously announced support packages from Australia’s banking sector, offering deferral loan repayments, waiving fees, plus finance options to support cash-flow shortages, many have also stepped up their flood appeal donations.
NAB launches its national fundraising campaign of $1.2 million in emergency grants to customers and colleagues impacted by the flood, plus a further $100,000 to charity organisation GIVIT’s Storm and Flooding Appeal - in addition to a dollar-for-dollar match in donations.
All donations and fundraising will go directly to the most impacted areas across Queensland and NSW to provide money towards goods and services like grocery vouchers.
“One hundred per cent of publicly donated funds received by GIVIT will be used to purchase exactly what's needed by people and communities impacted by storms and flooding,” said Rachel Slade, NAB Group Executive Personal Banking.
“Every dollar donated to GIVIT’s Storms and Flooding appeal will be matched by NAB, doubling the impact on the ground.”
Meanwhile, the Commonwealth Bank (CBA) said it will double its threshold of its donation-matching initiative for those impacted by the floods throughout northern NSW and Queensland, raising its threshold from $500,000 to $1 million.
[Related: QLD government launches SME, farmer flood assistance]
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