What can the loans be used for?
That’s largely up to you, as long as you can substantiate your business requirements. While loans will still be subject to lenders’ credit assessment processes, loans can be used for a broader range of business purposes including, as the Treasury suggests, “to support investment in a period of economic recovery”.
Can you get money as and when you need it?
One of the more recent updates is that the Government is encouraging lenders to approve loans as and when the SME needs it – with the idea being that they only incur interest on the amount they drawdown (or borrow). This means if your business is approved for the loan but you don’t use it, no interest will be charged. However, you will retain the flexibility to borrow funds when the need arises.