The Government’s SME Recovery Loan Scheme is intended to aid in economic recovery and offer ongoing help to SMEs dealing with the economic consequences of the coronavirus outbreak.
In acknowledgement of the Coronavirus’s ongoing economic effect, the Government stated on August 25, 2021, that the present conditions for SME’s receiving JobKeeper during the March quarter of 2021 or being a flood-affected firm to be eligible for the SME Recovery Loan Scheme would be lifted.
Once the modifications go into effect, the Scheme Rules will be modified to reflect the updated eligibility, and participating lenders will be allowed to offer loans.
The Scheme enhances lenders’ ability to provide cheaper credit, allowing many otherwise viable SMEs to access vital additional funding to get through the impact of Coronavirus, recover and invest for the future.
The Government will work with lenders to ensure that eligible firms will have access to finance to maintain and grow their businesses.
The SME Recovery Loan Scheme builds on earlier loan schemes introduced during the COVID-19 pandemic.
See also MEST Scale Accelerator.
Eligibility For The SME Recovery Loan Scheme
The Scheme is currently open to SMEs with a turnover of up to $250 million that were recipients of the JobKeeper payment between January 4 2021, and March 28, 2021, or were affected by the floods in eligible LGAs in March 2021.
Both self‑employed individuals and non-profit businesses are eligible. In addition, businesses that have accessed loans in Phase 1 and Phase 2 can also apply for loans under the Scheme.
On August 25 2021, the Government announced that the current requirements for SMEs to have received JobKeeper during the March quarter of 2021 or to have been a flood-affected business would be removed. In addition, the Scheme Rules will be amended to reflect the updated eligibility, and loans will be available through participating lenders once the changes become effective.
What You Stand To Gain From The SME Recovery Scheme
SMEs will have access to loans.
The deadline for this application is December 31 2021.
How to apply
To learn more on how to apply, visit this link.
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