The Commonwealth Bank’s digital ‘benefits finder’ has introduced 58 additional benefits to help businesses find potential government rebates and financial support.
The feature has already helped customers access $480 million in government assistance since it was first launched in 2019.
It is designed to help businesses locate and understand what potential benefits they are eligible for and shortens the application process so they can access financing more easily.
The feature is accessible through the CommBank app and NetBank, with customers able to fill out in a five-question form to determine what benefits or rebates they can claim.
The updated ‘benefits finder’ feature include a range extra benefits aimed at to small business, including cash flow management support, employment, and mentoring benefits.
Business-related benefits include state and federal Covid-19 measures like NSW Covid-19 grants and JobSaver payments, and the Victorian COVIDSafe Deep Cleaning rebate.
Since the beginning of the health crisis in March 2020, CBA said it has logged 695,000 claims.
It also said customers have saved more than $127 million in utility bill costs and created $354 million in additional income on a repeat yearly basis.
Alongside the benefits finder, CBA offers repayment deferrals on qualifying business loans and refunds of merchant terminal fees for up to 90 days for eligible customers.
CBA group executive business banking Mike Vacy Lyle said the update would make the process of accessing support and benefits easier for business owners.