The Federal Government has launched the Coronavirus SME Guarantee Scheme to provide small and medium enterprises (SME) including self-employed individuals and not-for-profits, with access to additional funding to help support them through the pandemic. Regional Australia Bank is an approved participant in the Scheme, enabling us to further support businesses in regional Australia.
The Government has set eligibility criteria for the Scheme for small and medium businesses and not-for-profits (who hold an ABN) who:
- Have annual turnover of less than $50 million;
- Need support for current and upcoming cash flow needs (including working capital, liquidity and operating expenditure); and
- Have not received a Government Scheme loan through another financial institution.