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Vero Insurance announces SME recovery grant

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Malavika Santhebennur 7 minute read

Vero Insurance has announced a $250,000 business recovery grant to assist SME customers affected by COVID-19, with applications now open.

Suncorp Group’s insurance brand Vero has announced that it will offer $250,000 in grants to help SME customers impacted by the coronavirus pandemic.

The grants are designed to help SME customers inject funds in their business to support advertising, equipment, business consulting, as well as promotional printing.

Applications are open to eligible Vero business insurance, Vero corporate insurance and GIO workers compensation customers who have suffered financial hardship due to COVID-19.

There are 25 grants with a total combined value of $250,000, including GST, which comprises five grants of $20,000; 10 grants of $10,000, and 10 grants of $5,000.

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Brokers can apply for the grants on their clients’ behalf, or eligible SME customers can apply online. They are required to describe in 250 words or less how the grant for advertising, promotional printing, equipment, and/or business consultancy would help the eligible business recover.

Vero head of commercial intermediaries Anthony Pagano said SME customers will face new challenges on their road to recovery as government subsidies roll back and restrictions to curb the spread of the coronavirus ease.

“These funds will help struggling businesses across a variety of areas, including local area marketing, advertising and advice on strategy and business development.

“Now more than ever it’s important we support our small and medium businesses to reconnect with their customers and return to profitability.”

Vero will review every application in detail and ensure that businesses that are unsuccessful in receiving the grant will receive additional support from the broker.

“These grants will empower SMEs to choose the support that’s right for them,” Mr Pagano said.

“Vero will continue to back brokers, and their SME customers, as they get back to business.”

The federal government announced various stimulus packages to support small businesses impacted by closures and restrictions imposed in March to curb the spread of coronavirus.

This includes the Coronavirus SME Guarantee Scheme, which was designed to help SMEs access working capital to help them survive the pandemic. Designed for smaller businesses considered viable for the longer term, eligible businesses with annual turnover below $50 million can access up to $250,000 in unsecured funding for terms of up to three years.

It also included the Reserve Bank of Australia’s announcement of a $90-million term funding facility for ADIs, and the banking sector’s commitment to waive SME loan repayments, among other measures.

In May, Salesforce partnered with the Council of Small Business Organisations Australia to launch 67 Salesforce Care Small Business Grants in Australia. The one-off grants of $10,000 aimed to help provide eligible small businesses with cash flow.

[Related: ‘More help’ issued for SMEs and sole traders]

Vero Insurance announces SME recovery grant
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Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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