Keeping on top of your Small Business Cashflow Loan term

Depending on when your Small Business Cashflow Loan (SBC) contract began, the 5-year loan term of your SBC will be ending. Avoid unnecessary default interest and think about repaying your loan now.

What you need to do

There are a few things you can do to check you’re on top of your loan.

• Log in to myIR to check how much you owe and when your final repayment date is.
• Check if you have a repayment plan in place and if you are up to date with repayments.
• Make extra payments in myIR to avoid default interest charges. Make sure you select your SBC loan as the debt you want to pay.
• Set up a repayment plan if you cannot repay the outstanding balance in full. To set up a plan, you need to send us a message in myIR or call us.

Having a repayment plan in place means your interest rate will be 3%.

myIR

Default interest charges

If you do not have a repayment plan because your loan has been defaulted, or you haven’t kept to an existing one, we may charge you default interest. This is calculated based on the standard interest rate of 3% plus use-of-money interest (UOMI). You can check the current UOMI rate on our website.

Interest on overpayments and underpayments (UOMI)

myIR

Already have a repayment plan?

If you haven’t kept up to date with your repayment plan, now’s the time to get back on track.

You can avoid unnecessary default interest by setting up regular monthly payments to lower your balance as quickly as possible.

If you have more than 1 repayment plan, use its unique 'media number' when making repayments. The media number is on your SBC loan repayment plan letters.

What happens if you do nothing?

If your SBC loan is unpaid 20 working days after the final repayment date, the loan will default and we may:

• demand full payment
• add default interest of 13.88% to the outstanding loan balance
• take legal action.

If you default on the Small Business Cashflow Scheme loan

Interest and repayment