At Lumi we understand that things haven’t exactly gone as planned since COVID. But we know what all of you amazing businesses are capable of. Therefore, we have launched Lumi Kickstarter, a dedicated COVID recovery loan to help businesses that have been severely impacted get back on track. Sounds too good to be true?
You might have applied and consequently been declined for a traditional business loan since you didn’t meet the usual revenue criteria. And now you are wondering how Lumi can offer such a COVID Recovery loan when other lenders can’t?
Well, the answer is simple - we are committed to adapting our products to the ever changing needs of our small business customers. And that’s what we did.
What is a Lumi Kickstarter Loan for Covid Recovery?
It’s a business term loan or line of credit to help business owners kickstart their business after a significant revenue loss due to COVID restrictions. You can take out this loan for up to 12 months and borrow up to $500,000, which is subject to your credit assessment.
Can any business apply for a Lumi Kickstarter Loan?
Eligibility for the Lumi Kickstarter Loan is subject to its general Terms & Conditions. A business will need to prove the impact of the recent lockdown on their revenue and provide a clear plan for how funds can help them get back on track.
Are there any specific requirements?
What is required for the loan application?
To apply you need to provide
How long do I have to be in business to qualify for a Lumi Kickstarter Loan?
Your business needs to be in operation for at least 6 months.
How much can I borrow with the Lumi Kickstarter Loan?
We will conduct a credit assessment with your affordability being calculated based on your business’s pre- and post COVID restrictions and assess it in consideration of how much your revenue has been impacted. The maximum amount you can borrow with the Lumi Kickstarter Loan is capped at $500,000.
Is the Lumi Kickstarter Loan secured or unsecured?
It can be either secured or unsecured.
Can I take Lumi Kickstarter as a Line of Credit?
Yes, you can take a Lumi Kickstarter either as a term loan or line of credit.
How long can I take out the Lumi Kickstarter Loan for?
You can take a Lumi Kickstarter loan from 3-12 month terms. However, you can potentially refinance to a standard term loan or line of credit later if you meet the credit criteria.
What is the interest rate charged on the Lumi Kickstarter Loan?
At Lumi we follow the principles of risk-based pricing. This means that the interest rate is calculated as part of your credit assessment and also depends on the loan amount and term you apply for.
Check out how we assess your business’s affordability based on your pre-lockdown revenue and then recalculate it to reflect your loss in revenue during lockdown.
• Affordability assessment is subject to credit criteria at the full discretion of Lumi. • The above scenario is an example only and does not guarantee a loan approval. • Every business is assessed based on their respective credit and risk profile. Loan amount and terms can vary depending on the business’s revenue, industry and credit check.
Contact our team to discuss your options to apply for Lumi Kickstarter. You can reach us via email at sales@lumi.com.au or phone on 1300 00 5864.
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Business Loans
