COVID-19 Finance Options
Our Finance & Leasing Team are here to help!
As always, our finance brokers Dan Cuthbert and Kylie Charles are here to help with all of your finance needs, in particular due to COVID-19.
The current finance options that are available due to the Government stimulus COVID-19 packages are as follows:
CORONAVIRUS SME GUARANTEE SCHEME
Under the Scheme, the Government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital.
- Maximum total size of loans of $250,000 per borrower.
- The loans will be up to three years, with an initial six-month repayment holiday.
- The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
- Loans will be subject to lenders’ credit assessment processes with the expectation that lenders will look through the cycle to sensibly take into account the uncertainty of the current economic conditions.
Commence by early April 2020 and be available for new loans until 30 September 2020.
Our fee is $1,000 + GST to prepare application, collect data and manage to completion/approval.
QUEENSLAND COVID-19 JOBS SUPPORT LOAN
Low interest loans of up to $250,000 are available to assist with carry-on expenses such as employee wages, rent, rates and other related expenditure. Eligible business types include sole traders, partnerships, private and public companies and Trusts.
- Maximum loan up to $250,000
- No repayments or interest charged for the first year, plus two years interest only
- 2.5% fixed interest rate
- 10-year term of loan
Open until 25 September 2020 or until funding is fully committed
Our fee is $500 + GST – clients need to do online, but need accountant/financial prepared information *** waiting to get paper based form***
INCREASING THE INSTANT ASSET WRITE-OFF – EQUIPMENT FINANCE
The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020, effective immediately.
BACKING BUSINESS INVESTMENT - EQUIPMENT FINANCE
The Government is introducing a time-limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions.
Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost, effective immediately.
- Get Capital
These lenders can provide fast turnaround timeframes in regards to the following, effective immediately:
- Supplier / Trade Finance
- Invoice Factoring
- Cash Overdraft
We have heard BANKS are not allowing face-to-face interviews anymore, and that you need to call their hotline to enquire into any lending.
Our Finance & Leasing team are available via phone, FaceTime, Zoom, etc. We are working at our normal capacity and lenders are still open for business in all facets of finance from:
- Equipment Finance
- Home Loans
- Investment Loans
- Business Loans
- Personal Loans
Interest rates are at an all time low, and there is a lot of fantastic rates out there for you. Please find a list here of the lenders with their links and contact numbers. If your lender is not on here, please let us know and we send you their details.
Please feel confident that we are here for you and can help with any of your finance needs.
Dan Cuthbert Kylie Charles
MB: 0419 784 727 MB: 0448 230 314