Finance News
Reminder on Small Business Bank Loans
30 Nov 2021

A reminder to small businesses with the end of 2021 fast approaching. The government backed small business loan scheme will end on 31 December 2021 and with many businesses and loan brokers finishing up prior to Christmas, now is the time to make these applications before time runs out.

These loans can be difficult to get, as just like any loan application there is a lot of paperwork and red tape to fight through. However these can be invaluable to help free up cash flow and working capital to assist businesses through these tough times.

The loans are 80% Government guaranteed and can be for up to 10 years in length. The interest rate depends on the lender but is usually around 7.5% and there are low doc loan and unsecured loan options available through some brokers.

The key eligibility point is turnover less than $250 million and the business must have been adversely impacted by COVID-19.

If you would like to know more to determine your eligibility or would like to be put in touch with a loan broker, please do not hesitate to contact us.

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