Commonwealth Bank (CBA) has today announced the details of the loans it will offer from 1 April 2021 under the Federal Government’s SME Recovery Loan Scheme.
Eligible businesses can now apply to CBA for loans up to $5 million with variable interest rates from as low as 2.6% p.a. for secured loans, and from 2.85% p.a. for secured loans with a repayment holiday from 12 months. Unsecured loans are available with rates from 3.25% p.a., and from 3.75% p.a. with a repayment holiday from 12 months.
These new rates are as much as 75 basis points lower than loans offered by CBA through the Federal Government’s Coronavirus SME Loan Guarantee Scheme implemented in 2020.
The new scheme is an extension of the SME Loan Guarantee Scheme and is available to businesses that were eligible to receive JobKeeper in the past three months, have a turnover of less than $250 million, or businesses impacted by the recent floods in Queensland and New South Wales.
Read full media release here.