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SME Recovery Loan Scheme

Wednesday, April 28, 2021

The new SME Recovery Loan Scheme began as of 1st April 2021 and will continue through to 31st December 2021. The government is aiming to support more businesses affected by the pandemic and boost the economy. 

The loans are up to $5 million in total and can be either secured or unsecured, and for a repayment period of up to 10 years. Lenders are also able to offer a repayment holiday period of up to 24 months. The interest rate offered is determined by each lender and will generally be capped at 7.5%.

The Government is providing the banks with guarantee 80% of the loan. The banks will still assess the credit worthiness of applicants.

If eligible, your business can use the loan for a number of purposes including: 

  • To refinance existing debt. 
  • Purchase residential or commercial property. 
  • Lend to another associated entity of the business. 
  • Invest in assets, technology, or equipment.

For more information

https://treasury.gov.au/coronavirus/sme-recovery-loan-scheme

 

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Swag Bookkeeping have worked alongside Blick for a number of years. Professional, reliable and notably have saved us money and by bringing effective financial process to our business.

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I reached out to Sheree and she could not do enough to help my friend’s son.

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Sheree has been doing my bookkeeping now for 2 years including my constantly unbalanced trust accounts. Sheree is always on time. Sheree’s professionalism and attention to detail are outstanding.

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We have found that Sheree and her team offer fantastic value for money tailoring a solution to suit our needs. Swag goes above and beyond.  If you are a trade-based business their knowledge of the additional government funds such as co-invest is highly regarded and can save you time and benefit your staff.

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