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Uk furlough scheme basics. As of late last week the sme guarantee scheme has entered the next phase to support a larger number of small and medium sized businesses adapt and innovate during the coronavirus crisis. The government sme guarantee scheme phase 2 smeg 2 is available to all eligible new and existing boq customers with no requirement that you have been negatively impacted by covid 19. Last updated posted 2020 oct 16 937 pm aest posted 2020 oct 16 937 pm aest user 517476 99 posts.
Posted 2020 oct 16 937 pm aest. Archive view return to standard view. On 1 october the new phase of the governments coronavirus small and medium enterprises sme guarantee scheme opened quadrupling the maximum loan size from 250000 per borrower to 1 million per borrower allowing secured products and increasing from its current three year limit to five years.
Option to choose either unsecured or secured loans excluding residential property. Phase 2 focuses on a longer term approach to transform services innovate and build accommodation with the ambition of ensuring everyone who was provided with emergency accommodation during the coronavirus pandemic has a clear route to permanent housing and providing high quality accommodation for those who are threatened with homelessness in. The guarantee will apply to both principal and interest.
The second phase of the scheme comes into effect from 1 october 2020 has been expanded to offer loans up to 1 million for a maximum term of five years. The federal government has announced the second phase of this scheme which is designed to assist smes move out of hibernation successfully adapt to the new covid safe economy and invest for the future. Sme government guarantee scheme business loan phase 2.
Maximum lending limit of 1 million per abn holder. When can loans be issued under phase 2. Phase 2 of the coronavirus sme guarantee scheme commenced on the 1 october 2020 and includes a range of new measures to support businesses applying for loans.
The government has extended the 40 billion sme guarantee. Coronavirus sme guarantee scheme phase 2. Phase 1 commenced on 23 march 2020 and ceased for new loans on 30 september 2020.
The purpose of the loans entered into under the scheme has now been modified to extend beyond working capital and allow funding of a wider range of investments. The government will guarantee 50 per cent of eligible loans issued by participating lenders under the coronavirus sme guarantee scheme.
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