Commonwealth Bank has announced record low rates under the extended SME Guarantee Scheme, which offers loans up to $1 million for both working capital and investment purposes. Eligible customers will be able to access funds with interest rates from 3.5 per cent for secured or partially secured loans and 4.25 per cent for unsecured loans.
CBA’s Group Executive for Business Banking Mike Vacy Lyle said this low-cost funding, and the Federal Government’s expansion of the instant asset write-off scheme, will enable more Australian businesses to retool and invest for growth.
“There are many support measures in this year’s budget that will help business – particularly those that will now be able to write-off the full value of capital assets purchased until 2022,” Mr Vacy Lyle said.
“This will allow more businesses to invest in assets – like equipment, machinery and vehicles – to set them up for the future. All of this has a huge flow on effect to help keep Australians in jobs and create new ones.
“It’s great news for business owners – and combined with our lending products under the SME Guarantee Scheme –businesses have the added boost of larger and longer term funding assistance, record low funding, and tax cuts.
“Small businesses are the lifeblood of the economy and as Australia’s largest bank, we will continue to do what we can to ensure they are supported and set up for success into the future.”