Home featured Image Credit: Scott Graham on Unsplash Featured News Featured ScotPac launches $100 million SME fund to help Australian and New Zealand businesses bounce back Clare Loewenthal November 8, 2021 ScotPac has today announced the launch of the $100 million ScotPac SME Bounce Back Fund . The Fund is a new source of working capital for Australian and New Zealand SMEs as they rebuild their businesses after the disruption of COVID-19. The initiative will give up to 2,000 businesses fast access to additional funds to secure supply chains, facilitate growth, and ease cashflow pressures. The ScotPac SME Bounce Back Fund provides access to working capital through trade finance and invoice finance. The amounts available range from $50,000 to $1 million and can be accessed by existing ScotPac customers and the wider SME community. To further support struggling SMEs, ScotPac is offering an up-front saving, with the first three months of the term provided interest-free. On $1 million, this represents an extra $17,000 in a business owner’s pocket. The launch of the ScotPac Fund is particularly timely, with the loan writing period for the Commonwealth government’s SME Recovery Loan Scheme closing on 31 December 2021. ScotPac CEO Jon Sutton says that the initiative will operate on a ‘first-come’ basis for businesses meeting the lending criteria until April 2022 or until funds are dispersed. ScotPac has invested heavily in technology over recent months, and Mr Sutton is confident that the company can provide a quick turn-around of loans despite the expected