Suncorp backs businesses impacted by COVID-19
Small and medium businesses impacted by the coronavirus pandemic can now more easily and affordably invest in their business and increase their cashflow up to $250,000 thanks to Suncorp Bank’s new unsecured SME Support Loan.
The loans are part of the Australian Government’s Coronavirus SME Guarantee Scheme, which was announced last month to help small and medium sized business owners through these challenging times.
Suncorp Bank CEO Lee Hatton said the bank stands with the government to support and invest in Australian businesses and their local economies when they need it most.
“At a time when business owners are feeling the strain, we’re here to help. For any small or medium sized business owner - cashflow matters so these loans will make a real difference to them, their business and the people they employ.
“While our teams are working tirelessly to help business customers through our loan deferral scheme, we are also very much open for business and are backing and investing in businesses to ensure they get through to the other side of this crisis and thrive,” Ms Hatton said.
Under the scheme, businesses impacted by COVID, with annual turnover of less than $50 million can apply for a three-year unsecured term loan of up to $250,000. Business owners won’t pay establishment or account keeping fees, no repayment is required for six months and interest rates are as low as 4.69 per cent. Interest incurred will be capitalised during the six month period, with principal and interest instalments commencing at the end of the six month period.
For more information on how Suncorp Bank is supporting customers impacted by COVID-19 please visit here.