On the 25 August 2021, in recognition of the continued economic impact of the COVID-19 Pandemic the Government announced the SME Recovery Loan Scheme which would be available to businesses from the 1st of October 2021 to 31 December 2021.
The scheme was designed to help SMEs to access funding to assist them in getting through the pandemic, recovering and investing for the future.
The government will provide a guarantee of 80% of the total lend amount to participating lenders up to a loan amount of $5M and lenders can offer borrowers a repayment holiday of up to 24 months.
The scheme provides businesses with a great opportunity to purchase new assets for their business, refinance pre-existing debts on assets with at least 50% of their effective life remaining, or to support investment.
To be eligible for the scheme businesses must have a turnover of less than $250M (2019-2020) and have been adversely affected by the impacts of COVID-19.
If you’re a small to medium enterprise wanting to learn more, please call the team at Equipfin on 02 9925 3900 to discuss your application under the SME Recovery Loan Scheme.
