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The Government has announced some good news for business owners. The SME Recovery Loan Scheme that aims to help struggling businesses will be expanding. The SME Recovery Loan Scheme is revamped to offer eligible small and medium businesses financial support through cheaper credit with lower fees until the 31st of December 2021. The scheme will allow many viable SMEs to access important funding to get through the impacts of COVID-19 and recover and invest for the future.

SME Loan

The scheme was initially introduced to reduce the effects of ongoing restrictions and lockdowns on small businesses and support business affected by the March 2021 floods as well. Previously, businesses could access only the SME Recovery Loan Scheme (Phase 3) loans if they received JobKeeper between January and March 2021 or were affected by the floods. This meant most small businesses on JobKeeper in 2020 that were not eligible in early 2021 could not get the competitive loans. It has changed today.

The conditions of the SME Recovery Loan Scheme are 10-year loan term with optional repayment holiday period, $0 application and monthly fee from the bank, up to 24 months repayment holiday if needed (mostly 3-6 months if really needed), 80% of the loan amount guaranteed by the Government, 2.60% off to 7.50% max rates depending on lender and commercial security used, and loans can be unsecured or secured.

The types of loans that will be considered for the SME Recovery Loan Scheme are for business growth, for working capital, investment or refinancing.

This is a very good loan offering and more impactful than any from before. It’s a chance for businesses to invest and grow and survive during tough times. SME businesses can apply directly at the bank or get in touch with Sky Accountants mortgage brokers.

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As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

Ballarat Accountants

Phone: 1300 328 855

Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia

Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Gisborne Accountants | Macedon Ranges Accountants

Phone: 03 97444522

Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437