JPAbusiness

Interest rates are at record lows in Australia right now and, to address the various impacts of COVID-19, the Commonwealth Government has introduced a number of programs to kick-start and boost the economy, including the Coronavirus SME Guarantee Scheme.

Some might argue there’s never been a better time to borrow money to invest and grow your business!

Launched in March, the SME Guarantee Scheme was designed to help otherwise viable SMEs weather the devastating impact of COVID-19 and rebuild for the future.

Phase I ran until September 30 and was not broadly taken up – less than $2 billion of the $40 billion allocated was approved for payment.

Topics: Banks and lending, Cash flow, Working capital, business advice, James Price, finance, seeking finance, JPAbusiness, Parramatta, business finance, COVID-19, coronavirus, Central West NSW, pandemic

More than a third of respondents to our recent survey indicated they plan to invest in new plant and equipment in 2018–19, with most of these investments driven by the need to adapt to new technology (61%) and meet replacement schedules (45%). Just over 16% indicated the planned investment was due to new contracts.

If you’re in this situation, you may need to seek finance from a bank or other lending institution. 

As highlighted in our eBook, Managing your banking relationship, there are many things you can do to influence your bank's 'appetite' for financing your business.

Topics: Banking, business advice, growth strategies, finance, seeking finance