Support extended to SMEs adversely affected by COVID-19
Proposed Scheme extension to offer loans period from 1 January 2022 to 30 June 2022 with a Government guarantee of 50%.
In recognition of the continued economic impacts of the pandemic, the Government announced on 13 December 2021 that it proposes to amend the Scheme Rules to extend the SME Recovery Loan Scheme (under varied terms) to provide support to small and medium enterprises (SMEs) adversely economically affected by coronavirus.
Government and lenders ensure better SME access to finance to maintain and grow businesses.
The Scheme is enhancing lenders’ abilities to provide cheaper credit to otherwise viable SMEs for additional funding to get through the crisis, recover and invest in the future.
The SME Recovery Loan Scheme builds on earlier loan schemes introduced during COVID-19. Under the existing SME Recovery Loan Scheme, loans are available from 1 April 2021 until 31 December 2021 with a Government guarantee of 80%.
Under the proposed Scheme extension, loans will be available from 1 January 2022 until 30 June 2022, with a Government guarantee of 50%.
The Government’s SME Recovery Loan Scheme is designed to support economic recovery and provide assistance to SMEs dealing with the economic impacts of the coronavirus crisis. Treasury’s website will be updated with further information once the proposed amendments to the Scheme Rules have been finalised.