End of tax year tips: Time to repay your Small Business Cashflow loan?

As you come to the end of the tax year, consider whether you're in a position to repay the Small Business Cashflow Loan you took out or whether you might need to borrow further to support your cash flow.

As you tie off loose ends and put your records in order coming up to 31 March, review any lending you've received through the Small Business Cashflow Loan Scheme.

The scheme was extended to 31 December 2023, and businesses that have repaid their loans can re-borrow until that date.

Under the scheme, a top-up loan allows businesses that have already accessed lending to draw down an additional $10,000 (or more for businesses that did not initially borrow the full amount available), with a new repayment period of five years (the first two years are interest-free).

When does your two-year interest-free period expire? Can you afford to repay your loan early to avoid unnecessary interest payments? Or are you in a position where a top-up loan could really benefit your cash flow?

Let us know if we can help.