Loan guarantee to help Townsville businesses
Townsville’s small and medium sized businesses (SMEs) will have easier access to more funding as they recover from the COVID-19 pandemic.
Member for Herbert Phillip Thompson said today’s announcement of the extension of the Coronavirus SME Guarantee Scheme would be a lifeline for many owners and operators.
“We know business owners are doing it incredibly tough right now as there is so much to do when it comes to moving out of hibernation, becoming COVID-safe and investing for the future,” Mr Thompson said.
“Only last week the Townsville Chamber of Commerce was telling be their members were in need of greater access to finance in the form of Government-backed loans.
“Under this extension announced today, more businesses will be able to access more credit for a longer period of time and for many more purposes.”
Key changes to the Scheme also include increasing the maximum loan size from $250,000 to $1 million per borrower and increasing the maximum loan term from three years to five years.
“Small business is the engine room of our economy and is critical to creating jobs and driving our recovery,” Mr Thompson said.
“I would encourage business owners who could put a loan to good use to talk to their bank about their options.
“As we continue to navigate our way through these new and challenging times I won’t give up advocating for Townsville’s small business community and ensuring they have the right tools in their belt to help them rebuild.”