Coronavirus SME Guarantee Scheme - A Summary

Unsecured Business Loans with 6 months repayment holiday and 3-year tenure for small businesses

Australian Government backed Coronavirus SME Guarantee Scheme - A summary

Small Businesses across Australia have seen severe impact on their business due to the lockdown caused by the Covid-19 pandemic. In these uncertain times, it has become extremely difficult for businesses to sustain, let alone grow. With this in mind, we wanted to bring your attention to the Government of Australia backed Coronavirus SME Guarantee Scheme that is aimed to provide a lifeline for the small businesses in Australia by supporting the flow of credit.

Read on to understand how you could avail a loan for your business to support current and upcoming cash flow needs (including working capital, liquidity and operating expenditure).

What is the Coronavirus SME Guarantee Scheme?

The scheme is released by the Australian Government to support SMEs in Australia affected by the Coronavirus pandemic secure loans with a 50% guarantee on the loan amount to the lender in case of a default. Besides this, the loan offers attractive terms to ensure that businesses can borrow funds for working capital or cash flow and not repay for the first 6 months. The scheme makes it an attractive proposition for small businesses struggling with their cash flow needs. 

Key highlights of the SME Guarantee Scheme:

The key highlights and terms of the loan are mentioned below. While these are standard terms, businesses that are applying for a loan need to still be qualified for the loan by the lending partner to secure funds. 

1. Loan available to SMEs, including sole traders, with a turnover of up to $50 million.

2. Maximum total size of loans of $250,000 per borrower

3. Loan tenure of up to 3 years with repayment holiday for the first 6 months

4. No collateral or security required against these loans

How can I secure a loan?

Visit the Apply Now section or Contact Us section to get in touch with us. Our lending specialist will get in touch with you to discuss your requirement and suggest options to suit your requirements. 

Why Capital Boost:

Capital Boost has partnered with some of the leading non-bank alternate lenders in Australia who are participating in this scheme. While the standard terms of the loan have been outlined by the Australian Government, each lender will have its own terms to approve an application based on their standard eligibility criteria. 

Capital Boost is an intermediary that specialises in securing business loans for SMEs in Australia. Our expertise lies in understanding the needs of the business through a personalised consultative approach and ensuring we match your requirement to the right lending partner to ensure the success of your application. Based on this approach, we have a significantly high first-time-right success rate in the applications we process. Since each lending partner’s policies and terms vary, we ensure that your application is matched to the right lenders only.

And the best part, we don’t charge you for processing your application. Which means that our services come at absolutely no extra cost to you. 

To know more about the loan details, you call us at 1300 360 530 or email us at info@capitalboost.com.au.

You can also visit https://treasury.gov.au/coronavirus/sme-guarantee-scheme for more info on the scheme details. 

Tagged in: SME Guarantee Scheme, Small Business Loan, Unsecured Business Loan, Coronavirus SME Scheme, Loans for Small Business, Australia Business, Capital Boost,  Securing Business Loans