To mitigate the adverse economic impact on businesses by providing access to affordable credit.
The RBA, together with the Government and APRA will provide at least $90 billion of credit at a fixed interest rate of 0.25% to banks and other lenders.
Banks and other lenders will provide heavily discounted loans to small businesses as a flow on effect.
Affordable unsecured 3-year loans of up to $250,000 with an initial 6 month repayment holiday.
The Government is encouraging lenders to provide facilities to SMEs that only have to be drawn if needed. Meaning, the SME will only incur interest on the amount they draw down.
Dependent on lenders’ credit assessment process. You will need to consult your selected lender.
Speak to your preferred lender. The Scheme will commence early April 2020 and last until 30 September 2020. If you don’t have one, you can ask us to introduce you to our preferred partners that can help.
If you need assistance, please reach out to our friendly accountants on 1300 865 199 or if you would like us to give you a call, Book in your 30 minute consultation for $50 to get the answers you need today.