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Rural Bank announces nationwide COVID support

9 July 2021 |Announcements
Agribusiness customers significantly affected by current or recent COVID-19 restrictions across the country are being offered dedicated assistance through a new support package announced today by Rural Bank. The package extends the Bank’s existing hardship support measures already in place for customers financially affected by the pandemic.

The new national support package includes:

Repayment deferrals

  • Up to three-month repayment deferrals, with loan terms extended accordingly offered to all Rural Bank customers with business lending valued at less than $3 million and where the business has a turnover of less than $5 million.
  • Customers applying for this support must be up to date in their repayments or have a repayment program arrangement in place.
  • Customers with asset finance or overdraft products will be assessed on their personal circumstances.
  • Specialised targeted support for larger customers.

Deposit support

  • Fees and notice periods on Cash Deposit and Farm Management Deposit accounts waived for up to three months.

Customers that have been significantly impacted, regardless of their location or industry, are encouraged to contact the Bank as soon as possible to discuss the various support options available, based on their circumstances and needs.

“We are proud of the deep and trusted relationships we have with our customers and we understand that no single farmer or farm business is impacted by the pandemic in the same way. We continue to stand by any customer adversely affected by the unpredictable nature of this pandemic with dedicated support, based on their individual circumstances, as we have done right through this challenging period, and as we do with natural disasters and other industry challenges,” said Alexandra Gartmann, CEO, Rural Bank.

“We take our role in supporting customers, regional and rural communities incredibly seriously and we strongly encourage any customers experiencing hardship, or with concerns, to please contact us so we can assist,” concluded Ms Gartmann.

Affected Rural Bank customers should contact their relationship manager, call the Rural Bank customer service team on 1300 660 115 or visit: https://www.ruralbank.com.au/assistance-measures/covid-19-response/

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