Liberty joins SME Recovery Scheme, creates specialist Business Lending division

by Mike Wood25 May 2021

Liberty have announced that they have been accepted into the next phase of the Australian government’s SME Recovery Loan Scheme..

Businesses that received the JobKeeper subsidy or were affected by the floods earlier this year will be eligible for assistance, with the Federal Government backing loans given under the scheme.

Liberty will offer variable rates of 3.45% p.a., backed up to $5 million and available for up to ten years under the SME Recovery Loan Scheme.

Liberty participated in earlier editions of the recovery scheme, which also included all four of the big banks, plus several fintechs and social lenders.

“Non-bank lenders like Liberty play an important role in the scheme because they have the capacity to lend to underserved SMEs who all have such unique circumstances,” said Liberty Group Sales Manager John Mohnacheff.

“By assessing each application on a case-by-case basis and taking the time to understand the customer’s full story, we’re supporting brokers to roll the scheme out to even more customers.”

“Liberty is a leading non-bank lender with a clear purpose to help more people get financial. We have more than 23 years’ experience in supporting customers with complex circumstances and finding durable and appropriate solutions.”

“We understand the challenges that SMEs face, and we are well-placed to ensure that eligible customers can take advantage of the scheme and gain access to the funds they need, when they need them.”

Their new business lending division will see former Westpac, ANZ and Bank of Melbourne executive Leigh Hooley installed as Business Capital Group Manager.

“Adding to our already strong suite of options and national BDM team, our dedicated business lending department means we can provide comprehensive solutions to support businesses in all kinds of circumstances,” said Mohnacheff.

“Having already supported many Australian businesses under the SME Guarantee Scheme, we look forward to continuing our work in this space and helping more business owners to recover and invest in the future.”