CBA launches app for faster lending decisions

CBA launches app for faster lending decisions

CBA has announced a series of updates and new initiatives for its small business banking division, “based directly” on customer feedback, and including a commitment to providing faster access to funding.

“Our small business customers have wanted more from us and we’ve been working hard to make the improvements they’ve asked for – like faster access to cash flow, more specialist bankers, and less fees,” said Clive van Horen, executive GM of business customer solutions.

“Small businesses are often the first to feel the pinch from shifts in the broader economy. As Australia’s largest bank, it is imperative we listen to these businesses, back them, and try to make it easier for them to innovate, invest and grow.”

As part of this effort, the bank has launched BizExpress, a business lending application which provides small businesses a faster lending decision and faster funding for loans up to $1m.

“We fully acknowledge there is concern in the small business community that it is getting harder to access credit. We currently lend more than $500m to Australian businesses every week and have the capacity and appetite to do much more,” said van Horen.

“BizExpress can provide our eligible small business customers with a lending decision in minutes, enabling faster access to the funds they need to keep them growing.

“The nature of small businesses is such that they require quick access to funding, whether it’s to capitalise on opportunities, cover debts or cash flow, or purchase equipment.”

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