Source: Commonwealth Bank of Australia
Small businesses have received a much needed confidence boost with the combination of the Federal Government’s 2020 Budget measures and extended Coronavirus SME Guarantee Scheme set to provide a strong formula for business growth.
Wednesday, 7 October 2020: Commonwealth Bank has announced record low rates under the extended SME Guarantee Scheme, which offers loans up to $1 million for both working capital and investment purposes. Eligible customers will be able to access funds with interest rates from 3.5 per cent for secured or partially secured loans and 4.25 per cent for unsecured loans.
CBA’s Group Executive for Business Banking Mike Vacy Lyle said this low-cost funding, and the Federal Government’s expansion of the instant asset write-off scheme, will enable more Australian businesses to retool and invest for growth.
“There are many support measures in this year’s budget that will help business – particularly those that will now be able to write-off the full value of capital assets purchased until 2022,” Mr Vacy Lyle said.