Businesses who have been impacted by the Coronavirus pandemic and need access to working capital may be eligible for a loan under the Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme.
Under the Scheme, the Government will support up to $40 billion of lending to SMEs (including sole traders and not-for-profits) by guaranteeing 50 per cent of new loans issued by eligible lenders.
Our SME Banking Manager, Brad Hodder, praised the Government initiative, and is pleased that a number of member-owned banks, including Queensland Country Bank, have been selected as participating lenders in the SME Guarantee Scheme.
“The Scheme enables us to assist a wider range of eligible businesses with timely access to capital so they can withstand the impacts of the pandemic,” he says.
“We’ve fielded enquiries from throughout the state and processed a number of loans to help cover operational expenses to enable the business to continue.
“Our staff are working closely with applicants to process their loans as efficiently as possible.”
The Scheme will be available for new loans made by participating lenders until 30 September 2020. Loans to a maximum of $250,000 per borrower will be up to three years, with an initial six month repayment holiday.
“A key factor for this loan is that borrowers do not have to provide an asset as security for the loan,” says Mr Hodder.
“We’re always working in the best interest of our Members, so we take the time to understand the applicant’s business and personal circumstances to offer a loan that is within their financial means and helps them achieve their desired outcome.”
“We understand it is a challenging time for business owners, and we can advise if your business is eligible for a loan under the SME Guarantee Scheme and talk you through your options,” he says.
“Even if you just want to review your banking accounts to ensure they are the most efficient options for cash flow right now, we’re here to help.”