$57 Million Compassionate Fund offered by Bank to Flood Victims
A further $57 million is being offered by the Commonwealth Bank to assist with Queensland flood relief with most of it going to insurance holders. Quick cash loans such as payday cash loan, payday advance loan and cash advance loan have been the great alternative of the people who were affected by that flood occurrence. Ralph Norris, the chief executive of Commonwealth Bank who was joined by Queensland Premier Anna Bligh announced the measures which include a $50 million “compassionate fund” in Brisbane. He said that the bank understood the need for assistance and compassion during emergency.
The said fun will be directed to the bank’s Comm Insure home insurance customers. It will be given particularly to those who were not covered for riverine floods under its policy. It may not cover all of the cost of damage but it will provide some much needed financial assistance to all the customers.
Likewise, Ms. Bligh welcomed that announcement and urged other corporations to follow suit. She said that the wide-ranging set of initiatives and the recovery process set an example.
In recent reports, the bank has already donated $1.35 million to the premier’s official disaster relief appeal. An additional $5 million will also be donated for not-for-profit groups affected by the floods. This community groups will be asked to apply for the funds.
The bank will also donate an additional $4000 for every four and $6000 for every six scored to local cricket clubs on the one-day clash between Australia and England done at the Gabba. Meanwhile, $1 billion has been set aside for future business and agribusiness loans with the first three months with no interest.
Cash loans and other types of loans like cash advance now, quick cash loan and payday advance loan were about getting businesses either directly or indirectly back on their feet as said by Mr. Norris.
