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Moneytech takes part in Australia's SME Guarantee Scheme

Tuesday 27 October 2020 12:08 CET | News

Moneytech has gotten the approval to take part to Australia’s SME Guarantee Scheme, enabling the group to now provide support to SMEs affected by the COVID-19 pandemic.

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.



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Keywords: Moneytech, SME Guarantee Scheme, payments, business loans, lending, finance, SME, COVID-19, Australia
Categories: Banking & Fintech | Payments General
Countries: Australia
This article is part of category

Banking & Fintech