Tyro Business Loan
An unsecured business loan of up to $100,000 for first time borrowers and $120,000 for returning borrowers, to support business customers who have been impacted by Coronavirus (COVID-19).
Tyro Business Loan. Supported by the Government’s SME Guarantee Scheme.
Tyro has been selected by the Commonwealth Government to participate in the Coronavirus SME Guarantee Scheme (Scheme). The Scheme is designed to help provide businesses access to working capital and assist them through the impact of COVID-19.
From 12 May 2020, the Tyro Business Loan will be issued under the Scheme, and is only available to existing Tyro customers, subject to eligibility criteria. We have kept the unique features of the Tyro Business Loan that many of our customers are familiar with, and added some new ones required under the Scheme, such as an initial six month Repayment Holiday Period.
Benefits of a Tyro Business Loan under the Scheme
Borrow up to $120,000
Tyro customers can borrow unsecured amounts up to $100,000 for first loans and $120,000 for subsequent loans based on your EFTPOS and eCommerce transaction history.*
No repayments for the first six months
An initial Repayment Holiday Period means there are no repayments for the first six months. Repayments commence after this period (interest will accrue on your loan during the Repayment Holiday Period).
Repay as you trade
Repayments are made by nominating a percentage of your daily EFTPOS and eCommerce takings, meaning repayments rise and fall in line with your cash flow providing flexibility during slower periods (subject to minimum repayments). Repayments do not commence until after the initial six month Repayment Holiday Period.
Pricing made simple
Simple pricing with no hidden charges. There’s just one fee you know up front and it’s paid down over the life of the loan as part of your loan repayments.
Who is eligible for a Tyro Business Loan under the Scheme?
- Available to businesses, including sole traders, with a turnover of up to $50 million§
- Funding must be used to support current and upcoming cash flow needs (including working capital, liquidity and operating expenditure) but cannot be used to purchase equipment or property
- The total sum of your funding supported by the Government’s SME Guarantee Scheme (including funding from other financial institutions) must not exceed $250,000
- The Tyro Business Loan cannot be used to refinance any existing debt, loans or facilities with Tyro or any other lender
- The Tyro Business Loan is subject to eligibility and credit criteria
- Available to existing Tyro customers