What is available and to whom?
The Government has announced they will provide a guarantee of 50% to Small to Medium Enterprise (SME) lenders for new unsecured loans provided to small businesses (turnover up to $50 million). The loans are to be for working capital and not as part of refinancing arrangements. The Guarantee will apply to new loans from early April to 30 September 2020. Loans will be up to three years, with an initial six-month loan repayment holiday and with a limit of $250,000 per borrower.
How do I get it?
The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020.