The SME Recovery Loan Scheme has been extended through 30 June 2022. The basic premise of the scheme is a small to medium business that has been adversely impacted by Covid-19 can get a loan from one of the 19 approved commercial lenders in the program and the government will guarantee 50% of the loan.
Loans are available for up to 10 years with up to 2 years of repayment holidays. The loans can be used for a broad range of business purposes including investment and refinancing pre-existing debt. Borrowers can access up to $5 million in total at market interest rates capped around 7.5%. More information can be found at the following link: https://treasury.gov.au/coronavirus/sme-recovery-loan-scheme/smes