31/03/2020
Coronavirus SME Guarantee Scheme.
During this very difficult health pandemic the global economy has changed and many small to medium size businesses have been severely impacted during this challenging time. The scheme, available by participating banks and lenders from early April until 30 September 2020 will support these businesses by providing quick working capital and the Government will guarantee 50% of these new unsecured loans provided to SMEs.
This will improve lenders ability and disposition to provide credit which will help SMEs have access to additional funding and support through this difficult period.
Businesses in need of a cash flow injection to stay open can apply for loans of up to $250,000 – with an initial 6 months repayment holiday to kick start the unsecured loan. Loan Term will be up to 3 years and your business turnover must be less than $50 million per annum.
All banks and non-bank lenders with an existing SME business lending line will be eligible to participate in the Scheme. There are also no fees involved with submitting the application and no Broker Commission to be paid on these loans.
If you need the support talk to your bank or lender to start the process. I am also happy to assist you with this if you are time poor or would just like some help.
