Major Fintech Lender welcomes changes to Federal Governments SMEG 3 Loan Scheme

Non-bank Fintech lender, Moneytech Finance has welcomed thefederal government changes to its SME Loan Recovery scheme announced thismorning.

Until today, SMEs had to have collectedJob keeper between the 4th of January 2021 and the28th of March 2021 or hadbeen affected by the floods in March 2021to qualify for a loan under thescheme. The announcement this morning removes that eligibility criteria

Moneytech’s Chief Executive Officer,Nick McGrath, said “This is a fantastic announcement for Small to Mediumbusinesses across Australia. With the extended lockdowns across the country,particularly in NSW and Victoria, we have seen a material uplift in SME’srequesting working capital support to help them through the pandemic. TheChanges announced this morning will be a welcome relief to many SMEs who willnow be able to access funds that they were previously ineligible for.  UnderSME Loan Recovery scheme, Moneytech have been able to originate in excess of$50m worth of lending facilities supporting over 150 SME’s.  These changeswill allow us to support even more clients and referral partners”

McGrath had previously called on theFederal Government to do more to help SMEs that have been devastated by thepandemic.

“SMEs are core to the success of theAustralian economy, so we have been very vocal in our dealings with the FederalGovernment to make sure that we can do everything possible to help smallbusinesses during these unprecedented times and its great to see the Governmentstep up their support”