Strategy

The Coronavirus SME Guarantee Scheme is a unique program set up by the Treasury Department of the Australian Government to give support a small and medium-sized business to access to credit and try to limit the impact of Coronavirus.

You can get up to $250,000 small business loan to be back on track

COVID-19 is causing an unprecedented situation affecting business in various industries: reduced business cash flow, declined sales, stopped the import of primary materials, just to name a few.

Lending Connect and its lender partners can assist your business to get funded up to $250,000. The loan can last up to 24 months, and the good news is that there are no repayments for the first 6 months. The Government’s Coronavirus SME Guarantee Scheme helps businesses with temporary cash flow needs. As a finance broker, Can Lending Connect organise for you a pre-approval with one of our lenders.

Contact us to share with us your need, and one of our experienced consultants may be able to assist you.

SEE IF YOU QUALIFY

Main benefits of a small business loan under the SME Guarantee Scheme:

  • Loan amount: up to $250,000
  • Loan application: simple process and fast decision
  • Loan timeframe: funding within 1 day
  • Loan terms: up to 2 years
  • Loan repayments: the first repayment starts 6 months after receiving the funds
  • Loan fees payable: none for the first 6 months
  • Collateral: not required
  • Early repayment options: available, just ask us

Are you unsure about your eligibility for a small business loan under the SME Guarantee Scheme?

Below the eligibility criteria for Government’s Coronavirus SME Guarantee Scheme application:

  • Annual turnover: maximum $50 million
  • Valid ABN registered and operating in Australia
  • Loan purpose: not personal, only business-related (see the list above)
  • Supporting cash flow needs (current or upcoming)
  • Limitation: funding not to be used to refinance an existing loan
  • Total sum: not exceeding $250,000

At Lending Connect, we talk to clients seeking assistance for a small business loan. Our commitment is to offer the best business finance service. We are a trustworthy finance broker that put in contact small and medium businesses with suitable traditional and alternative lenders. Our experienced staff help you to connect with most of the approved 41 lenders that officially participate in the Coronavirus SME Guarantee Scheme. The Scheme applies to the new loan and will be accessible until 30 September 2020.

The Scheme will enhance lenders’ willingness and opportunity to supply credit, supporting many otherwise viable SMEs to access vital additional funding to urge through the impact of Coronavirus.

The following lenders have been approved to participate in the Scheme:

  • ANZ
  • Australian Mutual Bank Limited
  • Banjo
  • Bank Australia
  • Bank of Queensland
  • Bank of us
  • Bendigo and Adelaide Bank Ltd
  • Commonwealth Bank of Australia
  • Community First Credit Union
  • First Choice Credit Union
  • Get Capital
  • Goulburn Murray Credit Union
  • Heritage Bank Limited
  • Hume Bank Limited
  • Illawarra Credit Union
  • IMB Bank
  • Judo Bank Pty Ltd
  • Laboratories Credit Union
  • Liberty Financial
  • Lumi
  • Macquarie Bank
  • Moula Money
  • MyState Bank Limited
  • National Australia Bank Limited
  • On Deck Capital
  • Police Credit Union
  • Prospa
  • Queensland Country Bank Limited
  • Regional Australia Bank Ltd
  • South West Credit Union
  • Southern Cross Credit Union
  • Speedy Finance
  • Spotcap
  • Summerland Credit Union
  • Suncorp
  • The Capricornian Ltd
  • The Mutual Bank
  • Tyro Payments Limited
  • Unity Bank
  • WAW Credit Union
  • Westpac

(source: https://treasury.gov.au/coronavirus/sme-guarantee-scheme/lenders and https://treasury.gov.au/coronavirus/sme-guarantee-scheme)

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