Expansion of support for SMEs to access funding

September 2, 2021 | Robyn Bull

The Government is providing additional support to small and medium sized businesses (‘SMEs’) by expanding eligibility for the SME Recovery Loan Scheme.

Specifically, in recognition of the continued economic impacts of COVID‑19, the Government will remove requirements for SMEs to have received JobKeeper during the March quarter of 2021, or to have been a flood affected business, in order to be eligible under the SME Recovery Loan Scheme.

As with the existing scheme, SMEs who are dealing with the economic impacts of the coronavirus with a turnover of less than $250 million will be able to access loans of up to $5 million over a term of up to 10 years.

Other key features include:

The loans will be available through participating lenders until 31 December 2021.

 

 

 

 

 

 

 

 

 

 

 

Featured Image designed by Freepik:<a href=”https://www.freepik.com/vectors/background”>Background vector created by freepik – www.freepik.com</a>