Financing your business post Covid
So, you’ve survived COVID – so far. But at what cost? And as government support reduces, how will you manage to rebuild a viable business into the future?
Loans issued under the scheme can be used for a wide range of purposes including purchasing commercial property, acquiring additional equipment and funding working capital. Businesses do not need to show that they have been affected by the pandemic, the scheme is built to assist the economy and SME market as a whole.
The funds cannot be used to purchase residential property, purchase financial products or lease, rent, hire or finance existing assets that are more than half way into their effective life.
A number of the banks are offering similar variations of the following:
Businesses with an annual turnover of less than $50m in FY20 or FY21 (projected) may apply for a loan under this scheme until 30 June 2021. In our experience you should allow 4-6 weeks for a loan to be approved.
In our experience, the key to a smooth turnaround of your funding request lies in the preparation and presentation of the information that lenders require. If your business has been affected by Covid-19, it pays to think ahead about the question’s lenders will ask as to how your business is responding to the impact of Covid-19 and the road to recovery.
If you’re interested in learning more about the scheme or about the banks’ offerings, please contact our finance experts on:
Brisbane | Melbourne | Sydney |
+61 7 3218 3900 | +61 3 9252 0800 | +61 2 9922 1166 |
Published: 08/02/2021
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