COVID-19 Budget: $5m boost for SMEs
26 March, 2020, 11:04 pm
The Small and Medium Enterprises Credit Guarantee Scheme will get a $5million boost.
Minister for Economy Aiyaz Sayed-Khaiyum said during the Supplementary Appropriation Bill 2020 in Response to COVID-19.
“An additional $5million will be added to the small and medium enterprises credit guarantee scheme,” he said.
“Under this scheme, if any of these businesses with an outstanding guaranteed loan fail, the government has more resources to cover 50 per cent of their outstanding loans.”