While many small businesses are getting back to a sense of normality, some operations are facing further financial hardship.
More than 11,000 business loans remain deferred and 493,000 businesses were still receiving JobKeeper in December 2020. Now, with government support measures – including JobKeeper – set to end later this month, the number of small businesses facing financial hardship is likely to increase. Full commercial rent and deferred rent will need to be paid and businesses will be under pressure to put plans in place.
As well as turning to VACC for business support services, members are encouraged to reach out to the Financial Assistance Hub if they need help repaying or restructuring bank loans. An Australian Banking Association initiative, the Hub provides tailored assistance to business owners facing financial hardship and unable to make repayments.
The Chamber is aware of the stress financial worries can cause and urges members to reach out if they are feeling overwhelmed.
VACC supports programs including Heads Up, a Beyond Blue initiative which helps workplaces around Australia take a proactive, preventative approach to dealing with mental health concerns. Additionally, the Chamber has launched Fine Tuning Automotive Mental Health, a program designed to help members manage and control work-related risk factors associated with poor mental health and support their employees.
Financial Assistance Hub
W: ausbanking.org.au/assistance
Heads Up
W: headsup.org.au
Beyond Blue
W: beyondblue.org.au
Fine Tuning Automotive Mental Health
W: finetune.vacc.com.au