The Commonwealth Bank of Australia has launched BizExpress Online, a fast-speed lending system for small businesses.
CBA’s BizExpress helps small businesses get immediate access to funding to support and grow their operations as the country looks to recover from the worst effects of the coronavirus pandemic. 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.
“When we launched ‘BizExpress’, the aim was to provide a simpler and faster lending experience for our small business customers, with same day decisions and funding within a week,” said CBA Group Executive Business Banking, Mike Vacy-Lyle.
“We’ve continued to invest in our technology platforms – making further digital improvements to the lending application, and earlier this year we used BizExpress to quickly deliver lending support under the Government’s Coronavirus SME Guarantee Scheme.”
BizExpress Online will initially offer new business loans under the Government’s SME Guarantee Scheme and helps CBA’s existing business customers who are in most need of support during this challenging period. Repayments will be deferred for the first six months and all fees waived for the life of the loan.
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.
“Small businesses need quick access to cash flow to keep them going through these tougher times – and BizExpress Online aims to provide them with this. It means eligible customers can apply directly by logging onto Netbank or the Commbank app – no other Australian bank offers this complete fully automated service with near real-time funding,” Mr Vacy Lyle said.
BizExpress Online will be extended to offer the same service outside of the Government’s Coronavirus SME Guarantee Scheme and for a broader set of products.
