Australia’s largest bank is giving business owners nearly 60 different ways to potentially find unclaimed money in a bid to help small businesses boost their bottom line.
Commonwealth Bank’s (ASX: CBA) Benefits finder, which is already available to personal banking customers, has been extended to include small business owners to help them find state and federal COVID-19 support they could be eligible for.
Australians have already recovered more than $481 million through this app feature, according to the big bank.
A third of businesses are struggling to access grants available to them, according to research from market research firm Fiftyfive5. NSW businesses have been forced to wait days or weeks for their grants to come through as Service NSW struggles with staffing shortages.
The 58 new benefits available to business customers are on top of the 270 benefits that Commonwealth Bank is already offering for personal banking customers. Another five business benefits will be rolled out in the coming weeks, a CBA spokesperson told Yahoo Finance.
CBA’s online or in-app Benefits finder will help business owners simplify the application process too, the big bank claims.
The app will also help Aussies find other kinds of business support such as cash flow management, employment and mentoring assistance.
“Businesses know that support and benefits are available, but understanding eligibility and accessing them can be overwhelming,” said CBA business banking executive Mike Vacy Lyle.
CBA’s Benefits finder will help uncover initiatives such as NSW’s business grants and JobSaver payments.
Aussie business owners will also find themselves pointed to Victoria’s COVIDSafe Deep Cleaning or or Victoria Small Business’ Wellbeing and Mental health Support.
South Australian business owners will be pointed to the state’s COVID-19 business grants, if it’s relevant to them.
Yahoo Finance has reached out to CBA for further information.
How do I use the CBA Benefits finder feature?
Commonwealth Bank customers can access this feature through the CommBank app or online through NetBank.
Customers will then be asked five questions, which determine which rebates or benefits they might be eligible for.
“The feature provides a simple overview of each eligible benefit or rebate, including how much they may be able to claim and the steps to apply before being directed to the relevant website to start the application,” CBA’s website states.