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Finance, guaranteed?

by Annie Kane8 minute read
Finance, guaranteed?

In March 2020, the Prime Minister announced that the government would be providing finance support for small businesses, guaranteeing 50 per cent of new loans issued by lenders to help SMEs access working capital to help them survive the coronavirus pandemic. Here, we review how the scheme has fared.

When the coronavirus pandemic took its hold on Australia in March 2020, the federal government and the lending industry came together to help support small businesses keep the lights on. After lockdowns were introduced and many businesses shut up shop, lenders were (unsurprisingly) hesitant to offer credit to businesses whose cash flow had come to a grinding halt with no idea of when they would be able to get back to normal levels.

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