In response to the expected impact of the coronavirus (COVID – 19), the Government last week announced a range of measures that it and the banks are putting in place to support businesses over the coming months. For further details, and how to apply, you should contact your lender:
Loan Repayment Relief
- Banks will defer loan repayments for six months for small businesses who need assistance because of the impacts of the coronavirus.
SME Loan Guarantee Scheme
- The Government will establish the Coronavirus SME Guarantee Scheme which will support small and medium enterprises (SMEs) to get access to working capital to help them get them through the impact of the coronavirus. Under the Scheme, the Government will guarantee 50 per cent of new loans issued by eligible lenders to SMEs. The Government’s support will enhance lenders’ willingness and ability to provide credit to SMEs with the Scheme able to support $40 billion of lending to SMEs.
Low Cost Loans from Smaller Lenders
- $15 billion in stimulus investment to enable small banks and non-banks to supply low-cost loans to customers and small business. This will enable customers of smaller lenders to continue to access affordable credit.