JobKeeper, the Australian government subsidy that helped COVID-19-impacted businesses with cash flow and job retention, has ended.
But with one in four businesses still looking for funds, many may be feeling uncertain about how to keep their businesses and employees afloat.
Whether through a lender or government schemes, there is still help available.
Before seeking further support, it’s worth doing a quick audit of your business to see if any changes can be made to reduce your expenses. There may be areas of your business where you can increase efficiencies and reduce costs.
It’s important to set a clear cash flow strategy and be upfront with stakeholders, such as suppliers, landlords and lenders, if you are struggling. And if you do need finance, make sure you have all your documentation ready to avoid application delays.
If your business received JobKeeper between January 4 and March 28, you might be eligible for the government’s SME Recovery Loan Scheme.
Alternatively, phase two of the SME Guarantee Scheme remains open until June 30. Participating lenders, including Liberty, receive government support to provide eligible businesses with credit to help with their working capital needs.
For businesses concerned about working capital or looking for finance, speaking to an adviser to assess lending options is essential.
Some lenders, like Liberty, look at the bigger picture and will assess business loans on a case-by-case basis to find a custom solution that best fits your circumstances.
To discuss options for getting your business back on track, have a chat with a Liberty Adviser today.
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