The top-up loan was introduced in March 2022 for existing SBC borrowers. The top-up loan was $10,000, plus any amount the borrowers were eligible for but did not take in their first loan. The same eligibility criteria apply to the top-up loan.
Timeline
The top up loan is a separate loan from your existing SBCS loan and has its own 5-year term and 2-year interest free period. The same terms and conditions apply to the top-up loan.
Eligibility for the Small Business Cashflow Scheme
If you received your top-up loan with more than 1 drawdown, you have 5 years from the first top up loan drawdown to pay off the top up loan. The 2-year interest-free period also starts from the first drawdown.
From the 3rd year, we’ll charge the annual interest rate of 3%. For customers who applied for the top-up loan in March 2022, interest started in March 2024.
Repayment obligation
Your repayment obligation starts 2 years after the date of approval of the top-up loan.
We will send you a repayment schedule in myIR 1 month before the start of your repayment plan. The schedule will show the repayment dates and the amounts. It’s important to meet your repayment obligations. Any missed or late payments are an event of default on the loan. This means you may have to immediately repay the loan in full, with default interest. If you do not have a repayment schedule, get in touch with us.
Repaying the Small Business Cashflow Scheme loan
If you want to change your repayment plan or you cannot make a payment at any stage, contact us as soon as possible to talk about your situation.
Contact usYou can also make voluntary repayments at any time during the term of the loan.