Government announces grants and loans for small businesses impacted by bushfire crisis
Australian small businesses impacted by the nations bushfire crisis will have access to a number of financial relief measures following an announcement from the Federal Government on Monday.
The support package will include grants, concessional loans and tax relief for businesses that have suffered from direct fire damage, as well as those that have been ‘economically impacted’ indirectly by the bushfires.
Here’s a quick summary of two of the main financial relief components included in the package:
Grants: Eligible small businesses and non-profit organisations that have sustained bushfire damage can access up to $50,000 in grant funding. According to the government, this program will be uncapped and grants will be tax free.
Concessional Loans: Small businesses that have suffered ‘significant asset loss’ or ‘significant loss of revenue’ will be able to access loans up to $500,000. Loans will be for up to ten years and will be available with a repayment holiday of up to two years (with no interest accruing over the period). When the interest rate does kick in it will be set at 50% of the ten year Commonwealth government bond rate which is currently around 0.6%.
RELATED: Guide to Australian bushfire bank emergency relief packages
According to a release from the Prime Minister's office, the release of the package comes after a week of consultation with small businesses and chambers of commerce from areas affected by the fires, the Australian Chamber of Commerce and Industry and the Council of Small Business Organisations Australia.
Commenting on the support package, Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, said that while the government’s efforts are welcomed there’s still more that can be done for fire-affected businesses.
“The Federal Government is responding to the needs expressed by small business representatives at the roundtable last week, with a suite of measures designed to assist small and family businesses deal with the extraordinary challenges they are facing as a result of the devastating bushfires,” Carnell said.
“However small businesses really need a tailored financial recovery plan. Without it, the chances are they won’t survive. We will continue to push for a Government grant that enables small businesses to go to their trusted advisor for a customised strategy.”
Check out our articles on bank emergency relief packages and energy provider responses for more information.
Business loans 2020 - rates updated daily
Business+ Unsecured Loan
A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.
Interest Rate
Upfront Fee
Funding speed
Rates range from 11.95% p.a. to 22.95% p.a.$495VariesBusiness+ Unsecured Loan
A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.
- Interest Rate
- Rates range from 11.95% p.a. to 22.95% p.a.
- Upfront Fee
- $495
- Ongoing Fees
- $20 per month
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- Early Payout Costs apply during fixed rate period.
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $20,000
- Maximum loan amount
- $50,000
- Minimum loan term
- 1 year
- Maximum loan term
- 3 years
- Repayment frequency
- Fortnightly, Monthly
- Repayment types
- Principal & Interest
- Minimum trading period
- 1 year
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Business+ Unsecured Loan
Unsecured Business Loan
Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Interest Rate
Upfront Fee
Funding speed
On Application3%, starting at $399from 3 hoursUnsecured Business Loan
Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
- Interest Rate
- On Application
- Upfront Fee
- 3%, starting at $399
- Ongoing Fees
- no
- Late payment fee
- $50.00
- Transaction fee
- -
- Early repayment penalty
- no
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $4,000,000
- Minimum loan term
- 3 months
- Maximum loan term
- 1 year
- Repayment frequency
- Weekly, flexible
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $120,000
- Application speed
- 10 Minutes
- Approval speed
- within 1 hour
- Funding speed
- from 3 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- Daily repayments available.
- Other restrictions
- -
Unsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Interest Rate
Upfront Fee
Funding speed
from 9%-Within same dayUnsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
- Interest Rate
- from 9%
- Upfront Fee
- -
- Ongoing Fees
- 2.5% establishment fee of the disbursed amount.
- Late payment fee
- $50.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $300,000
- Minimum loan term
- 3 months
- Maximum loan term
- 4 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $60,000
- Application speed
- within 24 hours
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- Early payout options and early repayment discounts are available. Principal-only payout available after 6 months.
- Other restrictions
- Loans above $300,000 must be secured by property.
Business+ Unsecured Overdraft
Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.
Interest Rate
Upfront Fee
Funding speed
Rates range from 14.95% p.a. to 25.95% p.a.$495VariesBusiness+ Unsecured Overdraft
Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.
- Interest Rate
- Rates range from 14.95% p.a. to 25.95% p.a.
- Upfront Fee
- $495
- Ongoing Fees
- $30 per month
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- $0
- Other fees
- -
- Loan type
- Overdraft
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $50,000
- Minimum loan term
- -
- Maximum loan term
- -
- Repayment frequency
- flexible
- Repayment types
- n/a
- Minimum trading period
- 1 year
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- n/a
- Redraw allowed
- n/a
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Business+ Unsecured Overdraft
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.