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As you might know, Lumi introduced their Line of Credit product in 2020 to offer more flexible finance solutions for small businesses during these increasingly uncertain times.
What’s the Lumi Line of Credit?
- Australia’s first truly revolving line of credit product
- SMEs can get up to $300K and $150K unsecured
- The facility can be renewed after 12 months
Here’s what’s new:
- A reduced minimum weekly obligation to 0.5% – 1.0% of the facility limit (previously 1.5% of the facility limit)
- Adjusted affordability matrix
To help Aussie businesses tackle the challenges that have been thrown their way over the past couple of months, Lumi has launched Lumi Kickstarter, a dedicated small business loan to help COVID impacted businesses get back on track after lockdown.
What’s special about Lumi Kickstarter?
- Credit assessment based on pre-lockdown turnover and recalculated in reflection of the decline in revenue
- Repayment holiday until week commencing 15 Nov 2021, so they can focus entirely on their business
- Option to refinance to standard Lumi term loan after 4 consecutive repayments until 31 December 2021
This means that a business owner who has generated $0 during the months of July 2021 – September 2021 could still get funding with Lumi Kickstarter, provided that they would have qualified for a Lumi loan pre-lockdown.
Want to know all the ins and outs of Lumi Kickstarter? Check out their product guide here.
Alternatively, you can log in to your broker portal and submit an application online here or contact your BDM for any queries.