The Australian business growth platform and non-bank lender joins the panel of lenders available for Phase 2 of the scheme. Now that it has been approved, the group can offer small businesses loans of up to AUD 1 million until 30 June 2021.
Under the scheme, the federal government will be guaranteeing 50% of new loans issued by participating lenders such as Moneytech. SMEs will be able to access cheaper loans and streamlined settlement process under the scheme.
There are expectations of increased uptake in the group's loan products such as its Line of Credit, Debtor Finance, and Trade Finance & Equipment Finance services.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now