Majors release SME Recovery Loan Scheme products
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The big four banks have announced the details of their SME Recovery Loan Scheme products, which commenced on 1 April.
The major banks have all released the details of new loan products, available direct and through broker channel, which form part of the Federal Government’s SME Recovery Loan Scheme.
The scheme, which was announced in March as part of a move to support small businesses that were on JobKeeper to “stand on their own two feet as the economy recovers from COVID-19” or have recently been impacted by the NSW and QLD flooding.
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ZURICH (Reuters) -Credit Suisse plans to return more cash this month and recover more assets for investors in supply chain finance funds linked to insolvent finance firm Greensill, the Swiss bank said, aiming to limit damage from risk-management failures.
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo
Switzerland’s second-largest bank last month closed around $10 billion of supply-chain finance funds that bought notes from Greensill. Of this, $3.1 billion has been repaid and $1.5 billion in cash was in the funds as of March 29, leaving more than $5 billion outstanding.
The coronavirus pandemic has worsened debt problems facing 72 low- and middle-income countries and jeopardized $598 billion in debt service payments from 2021 to 2025, including $87 billion this year, the United Nations Development Program reported on Thursday.
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There are several reasons that so much money remains. Demand has slowed as the economy slowly recovers, but lenders say a new fraud detection process has left thousands of applications in limbo for weeks. Plus, exclusivity windows blocked some bigger businesses from applying during certain periods over the eight weeks the program has been open since the start of this year.