SME Blog & News

COVID-19 thoughts

While Victoria is in total lockdown, many business owners will be counting the days until September 13th to survive the next 6 weeks. So, let us start with positive commentary. Of interest is a recent interview with Bill Gates where he raised several points about the Biotech’s. They were:  

 He believed that by 2021 – just five months away – we will have much better antiviral drugs to curb the impact of COVID-19 as vaccines are developed. COVID-19 is no match for science.

  • The competition to produce vaccines will intensify as 2021 proceeds and prices will come down. Companies such CSL Behring limited will be able to develop vaccines in record time because computerisation and artificial intelligence have accelerated the process. What the biopharmaceuticals have learned will insulate us from another COVID-19 style virus for years to come.
  • There is an exciting rush to develop new technology to improve the way we undertake a vast number of tasks. There will be a lot of technology issues because some of the new ideas will fail, but overall, it will deliver a considerable improvement in the standard of living of our children and grandchildren.
  • Australian society will also be enriched by the flood of Hong Kong migrants. The infiltration has already commenced, albeit curbed by flight restrictions and our second largest city is in lockdown.

SME Finance Group has been in business for over 35 years and has experienced some terrible times such as the 1990’s recession which was devastating for many business owners. The two things though that stand out from this experience are:

  •  Never let a crisis go to waste
  • Unprecedented times call for bold moves

Various businesses will sadly fail to reopen after COVID-19, however the majority will survive to rebuild and re-invent themselves. Access to credit in the next 2 years will be challenging for all business owners and we are finding that many clients are complaining now about how difficult the banks are with on applications.

 As mentioned above “unprecedented times call for bold moves” and there will be lots of opportunities for the savvy business executive to expand their operations.  Expansion will usually require access to additional finance and now is the right time to review your current loan facilities. Some things to take in to account are:

  • The ability to refinance your home loan with additional “cash out" facilities and reduction of interest rates. Our current owner occupier interest rates commence at 2.59% (subject to application and approval). The cash out may assist your liquidity.
  • The Government has extended and increased the 50% guaranteed COVID 19 loans. These unsecured loans are ideal for a growing business with available funds from $50k to $250k   
  • If your business is unable to qualify via the banks for the Federal Government COVID loan, there are several unsecured business loans up to $300k with non-bank financiers.
  • SME Finance Group also has access to “Bridging Loans”. They are normally short term loans (3 – 12months) from $250k to $3Mill plus and are secured by property.
  • Several clients are taking advantage of the difficult trading conditions and low interest rates by buying new cars, business equipment, and IT hardware.   

 CONTACT OUR OFFICE FOR A FREE ASSESSMENT ON YOUR CURRENT LOANS                                                                                   

NONE OF THE BANKS WILL CONTACT YOU TO REDUCE YOUR INTEREST RATES LOANS     

 

SME Blog & News

COVID-19 thoughts

While Victoria is in total lockdown, many business owners will be counting the days until September 13th to survive the next 6 weeks. So, let us start with positive commentary. Of interest is a recent interview with Bill Gates where... More...

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