Blacktown Business
ISSUE 7 | October 2021
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CommBank steps up business support government areas and business sectors,” a CommBank spokesman said. “This includes new deferral programs for home and business loan customers. “Eligible customers who’ve been significantly impacted by lockdowns, particularly those in local government areas with additional restrictions, can now defer their home loan repayments for two months.”
DALLAS SHERRINGHAM HE Blacktown branch of the Commonwealth Bank is vaccinating staff and their families against COVID-19 and has announced a raft of support for struggling customers in the region. The employee and corporate vaccination hubs and rapid antigen testing in Blacktown are part of a concerted response to the virus by CommBank in Sydney’s Local Government Areas of concern. It all part of an accelerated CommBank corporate vaccination pilot program to help vaccinate its employees and families against COVID-19. Following the successful opening of the first vaccination centre in Parramatta at the beginning of August, centres in Bankstown and Hurstville opened recently, with Blacktown, Cabramatta, Auburn, Liverpool and Campbelltown centres following. CommBank has also released an easyto-use Financial Support Guide to help businesses, community groups and individuals understand the options available and range of initiatives already announced by the government and CBA.
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Support for business customers
Support for retail customers The Financial Support Guides have been translated into a number of languages including Mandarin, Cantonese, Hindi, Punjabi, Vietnamese and Arabic, and these will be available later this week. In the impacted LGA, CommBank has one-to-one communications via email and SMS being sent to individuals about
the Covid support measures available to them. In-branch, there are staff videos in widespread languages other than English to support customers. “We’ve put in place a range of measures to support customers during the recent lockdowns, with a particular focus on the most heavily impacted local
Eligible customers could also defer their repayments on business loans, he said. “We are also refunding merchant terminal fees for up to 90 days for eligible customers, and waiving fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers. And, the Benefits finder digital feature in the CommBank App has been extended to now include more than 58 benefits for businesses. The 58 business-specific benefits are in addition to more than 270 benefits and rebates already available for personal banking customers – many of which are pandemic-related, including the Pandemic Leave Disaster payment.
Struggles, recovery and sustainability THIRU ARUMUGAM S COVID-19 continues to wreak havoc on businesses of all sizes in every industry, it is petrifying to see that SMEs, the backbone of the Australian economy, rapidly shutting down due to overwhelming economic hardships. Apart from being an important sector in the economy, SMEs relentlessly increase employment opportunities, create constructive community interaction, stimulate innovation and healthy competition. But the obstacles faced by these firms are frequently unrecognised and unresolved. For almost two years, SMEs have been battling critical challenges caused by the pandemic than larger businesses. Among many dominant strains, SMEs mainly struggle with deteriorating government support systems, grant application processing delays, new staff hiring, weakening cash flow, and, most significantly, lacking a post-pandemic recovery and sustainability framework. It is a grim reality that not all SMEs can successfully overcome the pandemic repercussions. Still, the government's collaborative response campaigns are of utmost importance and desperately needed. While several strategies are ongoing to raise SMEs during the current turbulence (financial support, local shoppers, changing procurement methods), the government needs to focus on more decisive areas. For example, long-term support is essential for SMEs' familiarisation with strategic digital marketing and management.
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Business ecosystems are changing As consumers are transitioning to online shopping and transactions more than ever now, most SMEs lack the tools and resources to adapt promptly to modern e-commerce stipulations. A consistent structure to mitigate new risks faced by SMEs, increase options to access finance and funding, and implement a nationwide scenario planning and contingency framework need to be well underway by this time.
Although it may not be evident at a glance, consumers are increasingly willing to shop from local businesses in their communities. Outreach programs are needed at community and national levels to enhance awareness about SMEs' benefits and help
Thiru Arumugam Is the immediate past president of the Australian Tamil Chamber of Commerce. Visit: www.atcc.org.au
consumers make informed purchasing decisions. The SME sector is undeniably linked to the sustainable development of the Australian economy. But the outbreak is fundamentally changing their business ecosystem and way of operations now and in the future. The government's effective and efficient efforts, an optimistic mindset from SMEs themselves, and consumers must be established as solid steppingstones to restore SMEs to their former glory.
AUGUST 2021 Edition 124
BUSINESS | LIFESTYLE
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