Banking & financiers:  Essential flood recovery guide

Cash is the oxygen of your business and therefore it is important that you take time to consider the impact that the Queensland flood crisis will have on your cash flow.

The Banks have been proactive in their response to the floods making contact with their customers. We understand that the Banks across the board have indicated a willingness to assist customers on a case by case basis.

Treat your banker as a partner in the business. Keep them fully informed during this period.

The key message from the financiers is to take the initiative to talk to them and to be properly prepared to discuss the impact on your business directly or alternatively as a result of the impact on your customers and suppliers.

We expect that if you are going to be requesting additional funding that your banker will want to review amended business plans and forecasts.

Matters to be considered prior to and in discussions with your relationship manager or contact are:

• Need for a moratorium on both principal and interest repayments
• Need for additional working capital funding, or
• Need to restructure facilities

This information is general in nature and we urge you to contact your usual Grant Thornton advisor or email our office at flood.assistance@au.gt.com should you have any questions.