NAB Group Executive Business & Private Bank Andrew Irvine has today welcomed the announcement by the Federal Government to extend the SME Recovery Loan Scheme.
SME businesses with a turnover of up to $250m impacted by COVID-19 can continue to access loans of up to $5million for a term of up to 10 years under the extended scheme.
“With Christmas just around the corner, it’s great to see all parts of the economy getting behind small businesses. The Federal Government’s SME recovery loans are a good option for businesses who need additional capital, helping them stock up or scale up to make the most of bumper Christmas sales,” Mr Irvine said.
“I’ve visited dozens of small businesses in recent weeks, they are thrilled to have customers back on the shop floor. Knowing they can access cash gives small businesses the confidence they need to rebuild after a tumultuous two years due to lockdowns and border closures.
“We’re continuing to back the business-led recovery with the relaunch of Quickbiz – giving small business customers access to up to $250,000 with cash available in their account within 20 minutes.
“Our customers want to act quickly and respond to opportunities in the market. They have options available via the SME recovery loan and Quickbiz – and for those who may still be struggling, support remains available”.
Business customers struggling with the impacts of COVID-19 are encouraged to call their banker or the NAB Business Customer Care Team. Individuals who need help can call NAB Assist on 1800 701 599. Further information on support available can be found at nab.com.au/coronavirus.