Homegrown business lender Moula is today announcing they have been selected by the Commonwealth Government as one of five non-bank lenders to participate in the Coronavirus SME Guarantee Scheme to support small and medium-sized businesses across Australia.
The challenges facing the two million small and medium-sized businesses in this country are unprecedented. We’re in this with them, so we know that providing businesses with time to ride out this period of uncertainty is absolutely essential, said Moula CEO Aris Allegos.
We want Australian SMEs to know we understand, and we’ve got their back.
Moula’s proprietary technology accelerates the speed at which businesses can access funding, approving loans within hours.
Speed of decisioning is critical in how Moula can serve SMEs in this rapidly-changing climate. Rather than relying on a cumbersome process that may take weeks, the use of accounting and bank transaction data enables Moula to provide an answer within 24 hours. Moula welcomes the opportunity to partner with the Commonwealth Government to support Australian businesses with the Coronavirus SME Guarantee Scheme.
The announcement forms part of the establishment of the Coronavirus SME Guarantee Scheme, which will guarantee 50 per cent of any new loans issued by eligible lenders to SMEs, up to $40 billion in total.
Moula’s support package for Australian SMEs includes:
- Coronavirus SME Guarantee Scheme loans up to $250,000 for new and existing customers
- Repayment relief to defer principal and interest repayments for 6 months (with interest to be capitalised)
- Available to SMEs, including sole traders, with a turnover of up to $50 million
- Unsecured business loans, meaning that borrowers will not have to provide an asset, such as their family home, as security for the loan
For more information on the Coronavirus SME Guarantee Scheme and how SMEs can apply, please visit https://moula.com.au/coronavirus-relief