We Continue to Stand By Australian Businesses During COVID-19

As of 6:00 pm on Sunday 2 August, Victorian Premier Daniel Andrews declared a State of Disaster in Victoria. ‘Stay At Home’ measures have been upgraded to Stage 4 across Melbourne and Mitchell Shire, including an 8pm - 5am curfew and a 5 kilometre travel restriction for daily exercise and essential purchases. Regional Victoria will reinstate Stage 3 restrictions from 11:59pm on Wednesday 5 April, halting entertainment venues, dine-in hospitality and community sport. Judo Bank continues to stand by Australian businesses during these testing times, and encourages all Victorians to stay strong together, despite staying apart. This will be tough, but Aussie SMEs are tougher.

Government Support for SMEs - Latest Announcement

The Australian Government, Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA) and State Governments have taken co-ordinated action to support the flow of credit in the Australian economy, in particular for small and medium enterprises (SMEs). One such avenue of support that may be available to you is the Coronavirus SME Guarantee Scheme.

Coronavirus SME Guarantee scheme

The Australian Federal Government recently announced that they would support Australian SMEs by underwriting a portion of certain loans issued by lenders. The structure of these loans is governed by the Federal Government, and have the following features:

  • Loans will have a maximum term of 3 years, with a mandatory 6 month repayment holiday from settlement of the loan
  • Interest will capitalise to the loan monthly during the repayment holiday
  • Loans must be for business purposes only to support current and upcoming cash flow needs
  • Loans cannot be used to refinance or service existing loans (with Judo or any other lender)
  • Customers can borrow up to $250,000 per individual ABN
  • Loans must be settled before 30 September 2020

To be eligible to apply for a loan under this scheme, your turnover needs to be less than $50m per year.

For more information on the SME Scheme, please click here to visit the Australian Government SME Scheme website.

Coronavirus SME Guarantee Scheme frequently asked questions

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Contact us if you wish to apply for the Coronavirus SME guarantee scheme

Disclaimer

This information is of a general nature only and does not take into account your objectives, financial situation or needs. In particular, you should seek independent financial advice and read the relevant terms and conditions and relevant product documents prior to making a decision. | Past performance is not an indication of future performance. | Eligibility criteria, fees and charges and terms and conditions may apply to Judo Bank’s products and services. | The information on this page is current as at 7 April 2020 | The statements and content on this page have been sourced from various government publications and summarised. Judo Bank disclaims, to the extent permitted by law, all warranties, representations or endorsements, express or implied, with regard to the material and does not accept any liability in relation to the quality, operability or accuracy of the material.

© Judo Bank™ 2019 | All Rights Reserved | Judo Bank Pty Ltd | ABN 11 615 995 581 | ACL and AFSL 501 091 | This information is of a general nature only and does not take into account your objectives, financial situation or needs. In particular, you should seek independent financial advice and read the relevant terms and conditions and relevant product documents prior to making a decision. | Past performance is not an indication of future performance. | Eligibility criteria, fees and charges and terms and conditions may apply to Judo Bank’s products and services