Leading business growth platform, Moneytech Limited, is delighted to announce it has been granted access to the Federal Governments Coronavirus SME Guarantee Scheme. The scheme is designed to support Small to Medium businesses gain access to critical working capital funding for lending up to $1million between now and June 30th 2021 .
Moneytech Chief Executive Officer, Nick McGrath, said the firm’s access to the Government Guarantee scheme addresses the need for micro SMEs to navigate the complex operating environment and provide genuine working capital solutions to help. The scheme provides easier access to cheaper loan funding with a streamlined settlement process. Mr McGrath expects to see a large uptake of loans under the scheme including Moneytech’s new Line of Credit product, Debtor Finance, Trade Finance & Equipment Finance.
Supporting SMEs and brokers through challenging times
As one of Australias largest non bank business lenders, Moneytech is uniquely placed to roll out the scheme to their referral network and direct customers.
“The past few months have been challenging for most operators, but this shouldn’t automatically exclude businesses from receiving finance at a time when they need it most. Access to the Government Guarantee scheme allows Moneytech to provide piece of mind to businesses that need it most,” he said.
According to Mr McGrath, non-bank lenders, such as Moneytech, are bridging the gap in providing finance to SME businesses as some traditional financiers have started to scale back.
“For us, it has been business as usual in an unusual time. We’ve continued lending to new customers, and supported our existing customers with the additional funding they need to help them through this period. Access to this scheme is a great outcome for Moneytech and the wider SME business community”
To find out more about the Federal Government’s SME Guarantee Scheme click here.