As advised, we are keeping abreast of the Federal Government's SME Guarantee Scheme for small and medium businesses (SME) to support rent, utilities and employee expenses.
The Government will provide eligible lenders with a guarantee for loans with the following terms:
- Maximum total size of loans of $250,000 per borrower.
- The loans will be up to three years, with an initial six month repayment holiday.
- The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
Loans will be subject to lenders’ credit assessment processes with the expectation that lenders will look through the cycle to sensibly take into account the uncertainty of the current economic conditions.
These are the following current lenders that are providing the CoronaVirus SME Guarantee Scheme (we will update as more are available):
WBC - https://www.westpac.com.au/business-banking/small-business-relief/
NAB - https://www.nab.com.au/personal/customer-support/covid19-help/business-support
ANZ - https://www.anz.com.au/business/covid-19/
CBA - https://www.commbank.com.au/latest/coronavirus/business-support.html
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