Last Friday the Government announced a new 12-month interest-free loan product. Starting loans range from $10,000 up to a maximum of $100,000 for small businesses with less than 50 FTEs!
If you want to consider taking this loan, please review the known criteria below and check with us before applying, so we can run through the risks and rewards with you.
A key criteria to providing these loans is proving “business viability” before a company can borrow funds, we are waiting to see how this will be assessed.
The Government also made changes to the criteria for the Business Finance Guarantee Scheme, including removing the requirement for a General Security Agreement.
The basic notes for the new lending process will be released in due course.
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Disclaimer – While all care has been taken, Johnston Associates Chartered Accountants Ltd and its staff accept no liability for the content of this newsletter; always see your professional advisor before taking any action that you are unsure about.