March 31st, 2020 by igniite

Coronavirus SME Guarantee Scheme – Supporting The Flow Of Credit

 Here is the latest information about the Loan Guarantee Scheme available to businesses.  Please read carefully and see if this applies to you.  Please contact us if you need more information or click on the link. 

We are working hard to get this information to you as developments occur, in the ever changing environment.

Darren and Ally

• SMEs, including sole traders, with a turnover of up to $50 million.
• Maximum total size of loans of $250,000 per borrower.
• Loans will be up to three years, with an initial six month repayment holiday.
• Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

The Scheme is available to all active Australian businesses with turnover of less than $50 million in the previous financial year, or expected turnover of less than $50 million in the current financial year. Both self-employed individuals and non-profit businesses are eligible.

Access to the loans is ultimately a decision for participating lenders. Credit assessment processes will be undertaken, however lenders are expected to look through the cycle to sensibly take into account the uncertainty of the current economic conditions.

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https://treasury.gov.au/coronavirus/sme-guarantee-scheme

A list of participating lenders will be added to this page once approved.

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