Small business specialist Heritage offers support
WITH small businesses hit particularly hard by the effects of the COVID-19 downturn, it’s more important than ever that they bank with a financial institution that truly understands their needs, Heritage Bank CEO Peter Lock said today.
Mr Lock said many small business operators faced particular problems, especially around cashflow, thanks to the abrupt loss of business that COVID created. Without the resources of larger companies to fall back on, many SMEs needed the right help to survive.
That’s where the expertise and personal touch of a small business specialist such as Heritage Bank proves invaluable, Mr Lock said.
“We understand how important relationships and personal service are to small businesses,” he said. “That’s what sets us apart. “Everything we do is based around our people first philosophy, and that is exactly how we look after our business banking clients. Our focus is on what’s best for their business, not what’s best for our bottom line.
“Our business clients have a dedicated manager who they deal with all the time. They don’t speak to someone different every time they want to do something with their finances, which happens at many other banks.
“They simply pick up the phone and talk directly to their manager, who knows their business back to front.
“Or they can talk to someone from our Toowoombabased Contact Centre that operates 24/7 every day of the year.
“That personal approach and genuine care for customers is one reason we were named Australia’s most authentic bank by international analysts J.D Power earlier this year.
“It’s also a reason why iconic brand Woolworths chose to partner with us as the financial administrator of the $30 million Woolworths Organic Growth Fund, which is giving grants and interest-free loans to promote organic farming all over the country.”
Heritage understands that some businesses may be doing it tough at the moment, and has made available a package of support measures to support them through the COVID-19 crisis.
Business borrowers can defer Business Loan repayments for up to six months. There is an opportunity to defer Personal Loan and Credit Card repayments for up to three months or make interest-only interest payments for up to three months.
Early redemption is possible on Term Deposits and Farm Management Deposit Accounts, without fees or penalties.
In addition, Heritage is participating in the Federal Government’s
Coronavirus SME Guarantee Scheme that’s making loans available for small businesses needing working capital to help get through the impacts of COVID-19.
The SME Support Loan can provide up to a three-year unsecured loan of up to $250,000, with no repayments for the first six months, for eligible SMEs.
The loans are 50% guaranteed by the Federal Government.
Mr Lock said the SME Support Loan could be the lifeline some businesses needed to ride out the worst impacts of the pandemic and get through to the other side.
“It’s available to both existing customers and non-customers, and could make a huge difference in tackling the cashflow issues people might have right now,” he said
“But the SME Support Loan is only part of the overall package of assistance we can offer. I’d encourage any small business operator who’s looking for personalised service and a bank that has their best interests at heart to come and talk to Heritage.
“As a customer-owned bank, we are different to the listed banks. We don’t have shareholders, so we’re not about maximising profits. We’re owned by our customers so we are genuine about looking after their best interests.
“For small business customers, that means working closely with them to understand their needs and come up with the best possible package of products and services we can deliver.”
If you’re a small business looking for financial support and products, call into a Heritage Branch or ring our Contact Centre on 13 14 22 to find out more.