Business Loan

The Government of Australia has unveiled various business loan assistance programmes aimed at keeping small companies afloat during the COVID-19 outbreak. For small businesses that fit the Government’s growth standards, loans are available from both the Federal and State Governments. These loans can help the businesses thrive through difficult times like the one we are facing now due to the pandemic. Below mentioned are a few such loans provided by the Australian Federal and State Governments to SMEs.

Small Business Export Loan

Small Business Export Loans assists businesses that want to expand through exporting. These loans are tailored to meet the needs of small and medium-sized businesses (SMEs), allowing them to take benefit of export possibilities when other financial institutions are unable to assist. There are loans ranging from $20,000 to $350,000 available to cover up to 80% of your export contractor purchase order.

If your company has an export agreement or an order form with an overseas customer and your bank is unwilling to help, Small Business Export Loan may be able to provide you with the funds you need to secure the agreement and meet your cash flow requirements.

Eligible Criteria:

You must meet the following requirements to be eligible:

  • You must have an Australian Company Number (ACN)
  • You must have a revenue ranging from $250,000 to $10 million each year
  • You must have been in service for at least two years

AgBiz Drought Loans

Small companies in drought-affected areas that directly serve the farming sector can apply for AgBiz Drought Loans. It will help them manage their operations throughout the drought. This is for Small Businesses which are linked directly to the farming sector in drought affected areas.

Loans of up to $500,000 are offered for over a ten-year term. There will be no interest and no payback for the first two years, then three years of interest only, and then five years of principal plus interest.

Eligibility Criteria:

You must meet the following requirements to be eligible:

  • A Small firm that provides primary production-related items and services directly to farmers in a drought-stricken area
  • Running a successful business and being able to repay the loan when the two-year interest-free period has ended

No Interest Micro Business Loan TAS

The No Interest Micro-Business Loan programme provides financial support to low-income individuals who want to start or expand the business.

The programme has the ability to:

  • Assist you with interest free loan for successful applicants
  • Assist you in turning a business idea into a viable proposal
  • Provide information about fundamental compliance as well as other business-starting criteria
  • Assist you in expanding your business

Low-income people can get up to $3,000 in interest-free loans. In addition, applicants may receive local company development guidance and assistance.

Eligibility Criteria:

You must meet the following requirements to be eligible:

  • You must be a Tasmanian resident with a valid Health Care Card
  • You must have a business plan that has been completed
  • You must have lived at your current residence for more than three months

If you want more information regarding these grants and similar ones, please contact one of our advisers at the number mentioned below.

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