The Commonwealth Bank (CBA) has announced new support to help tradies who are looking to start or grow their own business. It aims to give tradespeople tailor-made discounts, smarter transaction accounts and resources to help them through challenging conditions in the construction industry.

CBA’s support for tradies is designed to help them manage the impact of pressures currently facing the Australian construction industry, including supply challenges, labour shortages and rising costs, with ABS data showing the cost of building materials increased 15% in the year ending March 2022.

The tradies offering includes a $500 cashback offer for tradespeople running a small business who have a business transaction account with CBA and are looking to finance equipment or a vehicle.

Tradies can access easy invoice templates, real-time payment alerts and automatic account reconciliation with a smarter Business Transaction Account (BTA), to help stay on top of cash flow and reduce admin time.

The offer also includes benefits for self-employed tradies who have had their home loan with CBA for more than 12 months, and the ability to access finance of up to $100,000 for a business vehicle, saving time and hassle by providing only basic application information.

CBA executive general manager of everyday business banking, James Fowle, says notwithstanding the tough market conditions, the trades industry was growing strongly with many businesses seeking finance for new equipment or to increase their capacity.

“We understand the unique business needs of tradies to manage complex cash flows and run your businesses on the go. We’ve customised a wide range of products and offers to support tradies to start, run or grow their business, working through their individual circumstances,” he says.

CBA is also recognising the hard work of tradies by continuing our support as Presenting Partner to the Australian Small Business Champion Awards, a national program recognising the achievements of Australian Small Businesses to their local communities across 100 industry categories.

“We are delighted to recognise the country’s top achievers in trades with the expansion of the Trade Services category at this year’s Australian Small Business Champion Awards. It’s set to be a fantastic evening celebrating this hard-working industry, with a particular focus on electrical services, plumbers, painters and carpenters,” James adds.

Tradies can also tune into a range of business tips, webinars, discounts and technology, such as savings on internet, phone and hardware with More telecom and 50% off an accounting software subscription with QuickBooks.