In these extremely difficult times, it’s easy to get lost in all the noise.
As the government works to counter the medical crisis, as well as shore up the economy, they’ve announced multiple rounds of stimulus measures particularly to assist SMEs.
One announcement you might have missed, is the major banks are offering loans of up to $250,000 to SMEs, where no repayments will be required for 6 months.
The unsecured loans are 50% guaranteed by the government and no interest will be charged unless the funds are actually drawn down.
This presents as a potentially once-in-a-lifetime debt consolidation opportunity for businesses.
In many cases small business owners are required to offer their family home as collateral to secure business finance, or they may have struggled to get finance at good rates since the Royal Commission.
This might be an opportunity to sit back, assess the business’ debt position, and take advantage of an opportunity presented by a horrible situation.
Of course, we’re still working throughout this crisis (albeit remotely), so if you have any questions about your financial position, don’t hesitate to contact us.
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