Australian Government’s Coronavirus SME Guarantee Scheme.
Under the scheme, eligible businesses can access unsecured business loans of up to $250,000 for three years at low rates, given the Government’s support and the Reserve Bank’s recently announced term funding scheme.
How it works
- Borrow up to $250,000 (lending criteria applies) with an unsecured Business Loan
- No application or ongoing monthly maintenance fees
- No repayments required for six months
- Variable rate applies for the term of this loan, currently 4.50% p.a. (subject to lenders risk rating)
- Loan term is 36 months; interest capitalised and deferred for the first 6 months
- Amortising principal and interest repayments for the remaining 30 months
- All applications will be subject to a lending application, including credit assessment
- You or your not-for-profit organisation turns over less than $50 million annually
- You have an Australian Business Number (ABN)
- You require working capital support during COVID-19 restrictions – this loan cannot be used for asset purchases, refinancing existing loans or be applied to existing loans, including top-ups or variations
Flakus and Associates has access to lenders relating to COVID-19 business loans. Contact Paul for any assistance in this type of business cash flow lending. Remember to TAKE CARE AND LOOK AFTER YOUR HEALTH.