SMEconomics Report 4th Edition
This is serious. When will it end? Where will it end? In early May, the Australian Bureau of Statistics (ABS) released data suggesting that almost 1,000,000 people had lost their jobs since mid March 2020. The job losses from March/April this year are simply staggering. As the Governor of the Reserve Bank and others have said, we have not seen losses of this magnitude since the Great Depression of the late 1920s and early 1930s.
The passion that drives Judo Bank co-CEO Joseph Healy
On 24th April 2019, Judo Bank officially became a bank. With Joseph Healy and David Hornery at the helm, we set off on our mission of making lending human again, transforming the banking landscape for SMEs that need it most. Having spent much of his career working with the Big 4, Judo Bank co-CEO Joseph Healy wanted to bring back relationship banking in its truest form, with small to medium businesses the key focus.
Putting the 'rrrrrrrr' in your SME recovery engine
"Recently, I was delighted to join Frank Versace and the Judo Bank team for a webinar with the enterprising women and men who have selected Judo as their best ally in pursuing their SME goals. The following 8-step ‘r’ plan, is not pirate-speak, but useful straight-talking suggestions about what SME owners and leaders could potentially do when it comes to planning a post-pandemic course of action."
Judo CEOs on resilient leadership in challenging times
2020 has already delivered countless history-making challenges for businesses and individuals – and we’re barely half way through. Judo Bank CEOs Joseph Healy and David Hornery have tackled the crisis head on, with a focus on leading their people and their customers through these difficult times with integrity, passion and razor-sharp focus.
In a recent webinar, Joseph and David shared their leadership insights with Samantha Martin-Williams from the Trans-Tasman Business Circle. This blog shares key takeaways on resilient leadership in challenging times, including how they’ve prepared Judo people to brace for impact and how the client remains at the forefront of every decision.
The critical role of accountants in Covid-19 business banking decisions
Last month, Judo Bank’s Frank Versace and Michael Borlase presented an insightful webinar to accountants in partnership with Practice Ignition, explaining how together we can help the SME community through the Covid-19 crisis. As a challenger bank, it is our job to challenge the way the banking sector supports SMEs and their lending needs, especially in times of darkness.
In this blog, we capture all the key information from the webinar, leaving you empowered to support your clients with Judo Bank in your corner.
Government guarantee loans explained: Supporting SMEs through the crisis
Recently, Mentored’s Mark Bouris interviewed Judo Bank co-CEO, Joseph Healy, to help explain the Government Loan Guarantee scheme which has been introduced as a result of the Covid-19 Crisis to help small to medium businesses. In this blog, we share key insights into how the Government Loan Guarantee scheme works and how SMEs can get loan-ready to maximise the chances of loan approval.
The light and the dark of the Covid-19 pandemic
We don’t need to pump you with statistics to demonstrate what a catastrophic year 2020 has been for Australia. In the wake of the tragic bushfire crisis, we saw a mere moment of relief before the Covid-19 pandemic took hold and tore apart lives, jobs and businesses. In darkness, however, there can be light. Today, Judo Bank shares some of the most compelling examples illustrating the true magnitude of the Covid-19 crisis, before exploring the unexpected reasons to smile.
A letter to SME's
Covid-19 is a global storm that has left no person unaffected. In a sea of uncertainty, one thing is for sure: this too shall pass. Australia will see a better tomorrow. Change is tough. Life is tough. Business is tough. But it WILL end and you are anything but alone. Nobody knows what lies on the other side of this crisis but we can control our perspective and the action we take today, tomorrow and beyond.
Are we ok? The Chief, Judo and you
The Coronavirus is fundamentally challenging our society, economy, health and priorities in an unprecedented and highly unpredictable way. We are here to support you and your business manage change. Judo is dedicated to being helpful and supportive to our SME community, today and beyond. You will be ok. We will be ok. To say the current situation is fluid is something of an understatement. The landscape is shifting dramatically and frequently each day.
Frank Versace’s top tips for SMEs during Covid-19
Judo Bank’s Managing Director Relationships, Frank Versace, has been on the frontline of helping SME businesses navigate the Covid-19 pandemic. As a SME business owner in such unfamiliar territory of an economic crisis with public health at the forefront, we understand you need support and actionable advice on how to survive these challenging times.
Following Frank’s recent webinar with Family Business Australia, we share some of his top tips for SMEs on navigating cash flow during times of uncertainty.
How to access bank support during Covid-19
Judo Bank’s Managing Director Relationships, Frank Versace, recently presented a webinar to the Business Owners Association of Australia, during which he shared important insights for SMEs seeking financial support during Covid-19.
In this blog, we capture all the key learnings and provide actionable steps on how SMEs can access the support they need to move forward financially in times of darkness.
Safety and wellbeing in remote working
Never has the focus on safety and wellness for you and your team been more important. At Judo Bank, safety and wellness is fundamental to our ability to steer the team safely through these troubled waters. We understand that not all SMEs have the benefit of a fully resourced HR function, so today, we’re sharing some insights from our HR team, on how to protect and nurture your people during these difficult times.
Managing your banking relationships
The fallout of the Covid-19 pandemic has left business and banking relationships in unchartered territory. Handling sensitive consumer data, managing teams, understanding client needs and working out how to service them appropriately, are among the biggest challenges facing SMEs right now. The Irish Chamber of Commerce hosted a webinar in March, that featured Peter Ryan, Director Relationships at Judo Bank. To assist SMEs in successfully navigating and managing their banking relationships during these challenging times, we’ve rounded up the key takeaways and insights for SMEs.
Navigating uncertainty – Covid-19 and beyond
The Covid-19 outbreak has shaken the SME sector to its core. As the situation stabilises and the environment remains uncertain, we are acutely aware that the recovery of entire industries is dependent on many factors entirely out of our control. We therefore need to focus on what we can control or at least, influence. In these unprecedented times, businesses have a choice – waive their white flag, or step up. While any level of certainty has gone out the window, innovative thinking and a ‘big picture’ approach are SME’s secret weapons when it comes to surviving the crisis.
How to take a calculated risk
Starting a business can be as stressful as it is exciting. Whether it’s your first business or seventh, it’s important to lead with confidence and not let your feelings get in the way. To steer towards long-term success, it helps to learn about calculated risks as much as you can. Knowledge and awareness can keep you on track and help you feel more in control.
Complete your identity verification
If your identity has not been verified, we need you to provide us with some further information. It’s a requirement that we satisfactorily verify your identity before we can transfer any funds to your nominated account.
To verify your identity, we need you to upload copies of at least two of the following: your current driver's licence issued by an Australian State or Territory, your current Australian passport, or your current Medicare card. For a step-by-step guide on how to successfully upload your documents please click the link below.
Updating your Term Deposit nominated bank account
If you have not updated your Term Deposit with a nominated bank account (the external bank account your payments are directed to) or the details for your nominated bank account are incomplete, please log in to your Internet Banking and update your nominated account details.
Unfortunately, we cannot pay out any money from your Judo Term Deposit until we have the details confirmed for your nominated account. If you are unable to update your nominated account details prior to your next payout date, any funds due to be paid out will roll into your Term Deposit or will be rolled into a new Term Deposit if the payment is due to occur at maturity.
For a step-by-step guide please click the link below.
Updating your Term Deposit maturity instructions including depositing more funds at maturity
If you have not updated your maturity instructions your account will currently be set to roll over into a new Term Deposit at maturity. If you are comfortable letting your deposit roll over into a new Term Deposit for the same term, then no action is required. However, if you would like to change these maturity instructions, including topping up your deposit or paying out some or all of your deposit, please update your maturity instructions prior to the date of maturity by logging in to your Internet Banking. For a step-by-step guide please click the link below.
Updating your Tax File Number
If your Judo Bank Term Deposit is due to mature soon and you have not confirmed your Tax File Number, withholding tax will be deducted from the gross amount of interest paid to you. To avoid being charged withholding tax, please update your tax details by logging in to your Internet Banking and selecting the "My details" option on the left-hand side menu. Please note, you need to update your details prior to your Term Deposit maturing to avoid being charged withholding tax.
Rolling up your sleeves and doing it yourself
While many of us may fantasise about opening a business, the dream is often quite different to the reality. Once you progress from goal setting to planning, your vision may seem significantly more challenging to achieve. But if you’re ready to roll up your sleeves and do the hard work, it can be incredibly enriching and rewarding.