SME Bounce Back Fund Launched by ScotPac
(08 November 2021 – Australia) Non-bank business lender ScotPac has launched a A$100m working capital fund to support Australian and New Zealand small businesses recovery faster as the economy reopens.
The ScotPac SME Bounce Back Fund will allow business owners to access up to A$1 million capital with the first three months being interest-free. The Fund is aimed at supporting SMEs’ working capital needs through trade finance and invoice finance. There is no minimum turnover and the minimum facility size is A$50,000.
SMEs generally face a three-month lag between opening or expanding a business and seeing money coming in - the ScotPac SME Bounce Back Fund means businesses can get fast access to funds with limited cost in that crucial first three months, covering any income gap.
“The initiative will operate on a first-come basis until April 2022 or until funds are dispersed. This initiative will give up to 2000 businesses fast access to additional funds and caps a year in which ScotPac has helped more businesses access funding than ever before” stated ScotPac CEO Jon Sutton.
“With the first three months interest-free, SME owners can afford to invest in their business while their revenue recovers back to normal levels. This initial interest cost is being completely waived for the business owner and borne by ScotPac, as opposed to being deferred and compounded like the loan repayment holidays offered by some banks” Mr Sutton added.
“With the economy opening up and business owners looking to bounce back to growth, the Fund allows ScotPac to continue the support we’ve shown for SMEs throughout the pandemic” he said.
“As Australia and New Zealand’s largest non-bank specialist SME financier, ScotPac has the breadth of solutions and the depth of funding, along with the ability to say ‘yes’ quickly, that will help business owners get the funds they need to return to growth.”
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