Finance Breaking news CBA rolls out high-speed lending system for SMEs last financial news
Breaking-Finance.Com - Commonwealth Bank of Australia has unveiled BizExpress Online, a fast-speed lending system for small businesses available through Netbank and the CommBank app.
Breaking-Finance.Com - Commonwealth Bank of Australia has unveiled BizExpress Online, a fast-speed lending system for small businesses available through Netbank and the CommBank app. Eligible small business customers can receive a real-time credit decision and have the funds (up to $50,000) credited in their account within 20 minutes.To-date, BizExpress has been used by CBA’s business bankers to support customers, meaning the functionality was used internally. The online roll out of the product direct to customers has been fast-tracked to help small businesses get immediate access to funding as the country looks to recover from the worst effects of the coronavirus pandemic.
. “Our latest investment in the new digital version makes it even easier and quicker for our customers to get the financial support they need. BizExpress Online not only provides a lending decision in record time, but also enables a customer to have the funds in their account in near real-time, in as little as 20 minutes,” Mr Vacy-Lyle said.BizExpress Online will initially offer new business loans under the Government’s SME Guarantee Scheme, under which repayments will be deferred for the first six months and all fees waived for the life of the loan. Over the coming months, the service will be extended beyond the Government programme and for a broader set of products.
Source = Breaking-Finance.ComFinancial breaking news