Small businesses in New South Wales are to be offered financial support from their state government in response to the latest series of lockdowns in Sydney.
Sums of between $5,000 and $10,000 will be available for SMEs to apply for, as well as tax deferrals. The Dine & Discover Scheme, which has been used to promote customer spending at pubs, restaurants and entertainment venues, will be extended until the end of August 2021.
SMEs must be able to demonstrate that they have undergone a drop in turnover as a result of the current lockdown, with the amount of lost revenue dictating how much they receive in support from the government.
SMEs that employ fewer than 20 people and turnover between $75,000 and $1.2m per year will be eligible for the Small Business COVID-19 Support Grant, while there is a separate fund for those impacted due to loss of revenue in the hospitality and tourism sectors.
“The NSW Government has moved quickly to knock the latest Coronavirus outbreak on its head but at the same time haven’t left small businesses hanging by announcing this support within a few days of the stay-at-home orders,” said Cameron Poolman, CEO of SME fintech lender OnDeck.
“This proactive response will not only give affected business some financial breathing space but will also keep the NSW economy’s recovery on course.”
OnDeck have changed processes in the last year to adapt their broker offering based around the unique problems that SMEs currently face.
“When hard lockdowns were announced in March 2020, we were responsive to brokers to help them get on with the business of assisting their clients get access to finance in a challenging credit environment,” said Poolman.
“We have also focused on our internal processes to give brokers even quicker decisions in these difficult times.
“We are also supporting brokers through our online COVID Recovery Hub, which keeps brokers and business owners up to date with government support and provides case studies of how some businesses have adapted over the last year.”