The ScotPac SME Bounce Back Fund will allow business owners to access up to $1 million capital, with the first three months being interest-free.
ScotPac CEO Jon Sutton said the initiative will operate on a “first-come” basis from today until April 2022 or until funds are dispersed.
This initiative will give up to 2,000 businesses fast access to additional funds and caps a year in which ScotPac has helped more businesses access funding than ever before.
“With the first three months interest-free, SME owners can afford to invest in their business while their revenue recovers back to normal levels,” Mr Sutton said.
“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.
“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.”
Mr Sutton said 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.
“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,” Mr Sutton said.
"We’ve been supporting the small business sector for more than three decades. The Fund is aimed at supporting SMEs’ working capital needs through trade finance and invoice finance. Beyond the Fund, ScotPac’s offering is broadening with a range of new products in the pipeline for 2022, so that more SMEs can find the type of funding they need with us.”
Mr Sutton urged brokers and other advisors working with small business clients to talk to them about applying for ScotPac SME Bounce Back Fund support.
“Brokers, accountants and other trusted SME advisers will play a crucial role in making business owners aware of this new funding option with upfront savings of three months interest-free. As businesses evolve so do their finance requirements, and ScotPac has the breadth and depth of solutions for SMEs to find the right solution without going through the hassle of having to deal with another finance partner.”