$500M FOR SMALL BUSINESS

May 13, 2020 Sharon Purcell

INCREASED funding for interest free loans for COVID19 affected businesses has been applauded by the Small Business Financial Counselling Service in Southern Queensland.
CEO of the Rural Financial Counselling Service SQ, Jenny Whip said the funds would provide security to struggling small businesses.
“Our service has recently been granted additional funding for more specialist Small Business Financial Counsellors to meet the demand from struggling small businesses for support,” she said.
“We are talking to affected business owners on a daily basis and they are looking for a financial boost to keep them viable.”
The increased funding has doubled the Palaszczuk Governments initial COVID19 Jobs Support Loan announcement on March 17.
Designed to provide loans of up to $250,000 to support businesses to keep Queenslanders in work, the loans are interest free for the first 12 months.
Unprecedented demand for the loans forced an unexpected closure of the application process.
Last week, Minister for Agricultural Industry Development and Fisheries, Mark Furner said the announcement would provide an additional $500 million to fund the outstanding loans applications.
“I’m confident the additional loan funding will make a huge difference to small businesses in Queensland,” Ms Whip said.
The SBFCSSQ helps small business negotiate with lenders and creditors, assess and prepare financial reports, identify business options and develop an action plan.
To contact the SBFCSSQ, call 1300 732 777 or visit www.rfcssq.org.au.
Released May 13, 2020