Bank of us supporting Tasmanian businesses
Bank of us has been selected to participate in the Australian Government’s Coronavirus SME Guarantee Scheme.
Under the scheme, the Government will provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital.
“We were established in 1870, with a sole purpose of providing housing finance to Tasmanians," said Bank of us CEO Paul Ranson.
“150 years later, not only do we help Tasmanians with their personal banking, but we also support Tasmanian businesses through the provision of business loans and everyday banking.
“As an eligible Scheme lender, we can help Tasmanian SME businesses access additional funding to support them through the upcoming months.
“The loans will be subject to our normal credit assessment processes, but we understand that these are challenging times and can work with SME businesses to determine the best way we can support them through this crisis,” said Mr Ranson.
Businesses with a turnover of up to $50 million will be eligible to receive these loans.
The Government will provide Bank of us with a guarantee for loans with the following terms:
- Maximum total size of loans of $250,000 per borrower.
- The loans will be up to 3 years, with an initial 6 month repayment holiday.
- The loans will be unsecured finance.
“We are encouraging all our customers who are experiencing financial difficulty due to the Coronavirus to call us on 1300 306 716 or visit our dedicated webpage for more information."