Posted on 08 Jun 2022
For those that applied for the Small Business Cashflow Loan (SBCS) in 2020, the 2-year interest free period will be coming to an end during 2022. All letters and information from the IRD will be in myIR. We suggest you check in myIR for any repayment information you may have been sent. All businesses that received the first loan will start receiving letters advising that the interest will soon be charged to the loan and repayments should commence. If repayment is received before the 2-year anniversary then no interest will be charged. The IRD should be sending you a repayment schedule, with repayment starting 1 month after the anniversary. Loans drawn since the 2022 top up was available, will be interest-free for the first 2 years. This change will apply to new borrowers as well as to existing borrowers, provided there has not been any event of default on the SBCS loan. Interest will apply at a rate of 3% per year on the remaining loan balance from the first day of the third year of the loan period. The loan repayment period remains 5 years (60 months). If you'd like to discuss this with us please give us a call to discuss the repayment and what other options may be available to you. More repayment information can be found on the IRD website here.
Managing your debtors and your debtor days means better cashflow for your business. And let’s face it, cashflow is the lifeblood all businesses need right now! We list tips for better debtor management so you can achieve a healthier cashflow. For more approaches and support get in touch with one of our team today. Read more
As more of our personal details are shared online through online shopping, banking, and emails, the more of a target we become for cybercriminals. Check out our blog for tips for keeping you and your business safe. Read more
If you’re thinking of selling your business or looking into selling, you’ll want to have a plan or an exit strategy. Read our blog to find out more on what to include in that plan and the items you’ll need to consider. Read more
Did you know that we also have a newsletter?
Sign up now for tips to energise your business.