For existing IBA customers
IBA customers who have a business loan product or equipment finance product through IBA and who have been significantly impacted by the COVID-19 pandemic, may be eligible to apply for the following assistance:
- Deferral of business loan and lease repayments for a 4-month period, zero interest on business loans and leases for the 4-month deferral period and where necessary, extension of your loan term by 4 months (to accommodate the deferral period)
For Indigenous businesses
IBA is offering Indigenous business relief package for eligible Indigenous businesses who have been impacted by COVID-19, including Indigenous business which are not already IBA customers. This relief package has been designed in collaboration with the National Indigenous Australians Agency to respond to the immediate challenges Indigenous businesses are facing. This package includes:
- Business Impact Assessment: Access to specialist advice to navigate the COVID-19 crisis, including a rapid assessment of your business positioning, cashflow management and assistance to access available stimulus measures from Federal, State/Territories, such as the Job Keeper Payment or the Boosting Cash Flow measures.
- Working capital assistance: Working capital assistance of up to $200,000 in the form of either a loan, a grant or a combination of both (assessed on a needs basis), which may consist of:
- A capped grant component to assist with ongoing fixed costs, purchase of equipment and generating revenue;
- A loan to assist with working capital needs, with a term of up to 5 years, with no repayments for the first 12 months, and preferential interest rates; or
- A combination of the above.
Register your interest for the Indigenous Business Relief.
IBA has prepared a fact sheet on steps you can take to keep your business going through the COVID-19 pandemic and into recovery which you can access here.
COVID-19 Information Videos
IBA have partnered with Terri Janke & Co and 33 Creative to produce a 4-part video series on managing your business during the COVID-19 pandemic. Topics include employer obligations, financial responsibilities, managing contracts and insolvency trading. Watch the series on You Tube.
Note that all information in this video series is reflective of the pandemic impact in April 2020 and is provided for general guidance only. The information provided in the video series is not specific to any individual or business, and should not be relied upon. You should obtain independent professional advice to ensure that any information is relevant to your circumstances.