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 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.
If you chose to receive your top-up loan in more than 1 drawdown, you will 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, annual interest rate of 3% will be charged. For customers who applied for the top-up loan in March 2022, interest starts in March 2024.
Repayment obligation
After 2 years from the date of approval of the top-up loan, you will need to begin monthly repayments of the outstanding loan balance. We will send you a repayment schedule in myIR 1 month before the start of the repayment plan , outlining the repayment dates and the amounts needed.
It’s important to meet your repayment obligations. Any missed or late payments will be an event of default on the loan, meaning you may have to immediately repay the loan in full, with default interest.
Repaying the Small Business Cashflow Scheme loan
If you want to change your repayment plan or you cannot make a payment at any stage, please contact us as soon as possible to talk about your situation.
You can also make voluntary repayments at any time during the term of the loan.
Ways of paying
You can pay your repayments by:
- ongoing direct debit
- credit or debit card
- internet banking
- completing the automatic payment form attached in your Loan repayment plan letter and take it to your bank
You can also ask us to pay any tax refund towards your loan balance instead of paying it to you. If you'd like to do this, you'll need to message us in myIR.
If you are making payments through your bank, make sure you use:
- Your IRD number as the particulars
- SBC and loan date (DDMMYYYY) as the Payee code
- The media number in your Loan repayment plan letter as the reference (if you are making payment towards your repayment plan).”