Coronavirus SME Guarantee Scheme
The Coronavirus SME Guarantee Scheme will provide small and medium sized business with timely access to working capital to help them get through the impact of the Coronavirus.
The Government will provide eligible banks and non-bank lenders with a guarantee for loans with the following terms:
- SMEs, including sole traders, with a turnover of up to $50 million.
- Maximum total size of loans of $250,000 per borrower.
- Loans will be for up to three years, with an initial six month repayment holiday.
- Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
Under the Scheme, the Government will support up to $40 billion of lending to SMEs, with the Government guaranteeing 50 per cent of new loans issued by eligible lenders until 30 September 2020.
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