The Government, Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to support the flow of credit in the Australian economy, in particular for SMEs.
Coronavirus SME Guarantee Scheme
This Government scheme aims to provide support for small and medium-sized businesses that are facing significant challenges due to disrupted cash flow.
- An unsecured 3-year term loan up to $250,000 available to business customers with a turnover of less than $50M
- This offer will be available with a 6-month payment free option, with interest to be capitalised at the end of the 6 month period
- This loan is available between now and 30 Sept 2020 to existing and new customers
- Pricing of loan to start from 4.5%p.a.
Loans will still be subject to lenders’ credit assessment processes. The full PDF release is available here.
- 2 most recent completed BAS statements
- 1st October 2019 to Today ATO Tax portals transaction listing (Integrated Client Account and Income Tax Account)
- Most recent business bank statement
- A current copy of each director’s drivers licence (front & back).