The Commonwealth Bank of Australia has launched BizExpress Online, a high-speed lending system for small businesses, available through Netbank and the CommBank app. BizExpress gives business customers real-time credit decisions and, if approved, allows funds to be deposited in a business account within minutes, according to a report in Finextra.

Previously, the lending system was only used internally by CBA staff, but when the coronavirus pandemic hit, the bank launched the product directly to the business community to help those businesses directly affected by the pandemic.

"When we launched 'BizExpress', the aim was to provide a simpler and faster lending experience for our small business customers, with same day decisions and funding within a week," Mike Vacy-Lyle, CBA business banking group executive, said. "Our latest investment in the new digital version makes it even easier and quicker for our customers to get the financial support they need."

BizExpress Online initially offered new business loans under the government's SME guarantee loan program, which permitted repayments to be deferred for the first six months of the loan and to have all fees waived for the life of the loan. Due to the pandemic's severe effect on the small business community, the service will now be extended beyond the government program and offer a broader set of products.