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SME Loan Scheme extended until June 30, 2022
The Australian Government has extended the SME Recovery Loan Scheme for a further six months.
The SME Recovery Loan Scheme was launched to assist SMEs to deal with the economic consequences of COVID-19. In an effort to further support Australia’s small business recovery from the pandemic, the Government has announced a proposal to extend on this scheme.
Currently, loans are available under the existing SME Recovery Loan Scheme from April 1 2021, to December 31 2021, with a Government guarantee of 80 per cent. Under the new scheme, loans will be available from January 1 2022, until June 30 2022, with a government guarantee of 50 per cent.
Key features of the SME Recovery Loan Scheme include:
- Lenders can offer borrowers a repayment holiday of up to 24 months
- Loans can by used for a broad range of business purposes, including to support investment
- Loans may be used to refinance any pre-existing debt of an eligible borrower.
- Loans can be either unsecured or secured (excluding residential property).
SMEs impacted by the pandemic with a turnover of less than $250 million can access loans of up to $5 million over a term of up to 10 years.
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Date published 18 Dec 2021
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