Did you forget to repay your Small Business Cashflow Loan?
If you have a Small Business Cashflow Loan, it’s likely that the five-year term is expiring this year. Most small businesses who have this loan took it out between May and July 2020.
You now need to pay the outstanding loan balance before the final repayment date to avoid unnecessary default interest.
Follow these steps:
- Log in to myIR and check how much you owe and your final repayment date.
- Repay your loan in full before it expires to avoid default interest charges of 13.88%.
Unable to repay in full?
If you are unable to repay the outstanding balance in full, you need to contact Inland Revenue to set up a repayment plan to avoid higher default interest being applied. Having a repayment plan in place means the interest rate will only be 3%.
Find out more on Inland Revenue’s website.
Small Business Cashflow Loan term expires in 2025 — Inland Revenue
