Government Stimulus Packages for Businesses with or in need of Finance Credit

Over the weekend, the government announced the second of their Economic Stimulus packages it will be rolling out in order to provide some relief for individuals and businesses who have come under financial hardship due to the Covid-19 outbreak. Below you will find a simple break down some of the new changes in regards to finance & credit.

Support for immediate cash flow needs for SME’s

The government has agreed that it will provide a guarantee of 50% on unsecured loans up to $250,000 for eligible small and medium business entities. This may make it easier for SME’s to gain finance, but loans will still be subject to lenders assessment for approval.

For more information, you can access the full fact sheet by clicking the link below:

Quick and efficient access to credit for small business

The government is proposing to relax the laws surrounding responsible lending that credit providers are usually adhere to. This means that the process of applying and being approved for finance should be faster & easier for small businesses.

For more information, you can access the full fact sheet by clicking the link below:

Reserve bank of Australia – supporting the flow and reducing the cost of credit

The Reserve Bank of Australia (RBA) has decreased the cost for banks to extend credit to its customers and has further reduced interest rates to 0.25%. This encourages banks to be able to extend credit to its customers and lowers the cost for businesses in interest.

For more information, you can access the full fact sheet by clicking the link below:

Want to know more about the new Economic Stimulus packages and what you may be entitled to?

Book an information session with us today by clicking the link below:

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