Be.Bendigo chief executive Dennis Bice welcomed today's announcement of a six-month deferral of all loan repayments for small businesses, announced by the Australian Banking Association.
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"This is another bit of good news for business and any assistance to small business in the current environment is critically important," Mr Bice said.
ABA chief executive Anna Bligh said the relief package would apply to more than $100 billion in small business loans and put $8 billion back into the pockets of businesses.
"This is a multi billion dollar shot in the arm for businesses when they need it most," Ms Bligh said.
The cancellation of events and activities has had, and will continue to have, an impact on Bendigo businesses, with tourism and hospitality feeling the pinch, according to Mr Bice.
"The most notable cancellation is the Easter Fair," Mr Bice said.
"100,000 people come to Bendigo for that and there is a huge impact on small business, particularly accommodation, food, hospitality and retail now that is lost," he said.
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Be.Bendigo, the region's peak business body, is turning its attention to helping businesses cope with the difficult trading conditions expected in the coming months.
"We have been talking to a number of businesses about how they are going and what they have planned and made them aware of the support packages available," Mr Bice said.
"The pleasing thing for me is that there is a great deal of collaboration between businesses to look at the options they have.
"There remains a focus on looking at how businesses might adjust to make sure they can remain viable," he said.
One of the proposed adjustments is staff sharing.
"Rather than not employ casual staff, businesses are finding ways to see if other businesses need extra help and support," Mr Bice said.
Ms Bligh said banks are not reporting a high volume of customers in mortgage distress, with the most critical and urgent need for relief noted in small business.
"This package is designed to go hard and fast to small businesses, because that is where it is needed most right now," Ms Bligh said.
Soon after her announcement, the National Australia Bank announced that home loan customers could pause repayments for up to six months.
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