Skip to main content
Click here for the new Financial Assistance Hub

ABA welcomes additional SME support

25 August 2021

The Australian Banking Association welcomes the Federal Government’s expansion of support for small and medium sized enterprises (SMEs).

The changes to the SME Recovery Loan Scheme (SMERLS) will allow businesses with a turnover of less than $250 million to access loans of up to $5 million over a term of up to 10 years.

The Government will remove the eligibility requirements for SMEs to have received JobKeeper during the March quarter of 2021 or to have been affected by flooding.

Anna Bligh, Chief Executive Officer of the Australian Banking Association said the expansion of support was important for businesses right across the country and allows banks to extend their assistance.

“This is an important loan scheme that’s helping Australian businesses fight their way through the pandemic,” Ms Bligh said.

“Broadening the eligibility criteria means banks can help more small and medium businesses, and that couldn’t be more important right now.”

ABA CEO Anna Bligh

“These changes will make a real difference. Broadening the eligibility criteria means banks can help more small and medium businesses, and that couldn’t be more important right now.

“Australia’s economy bounced back strongly after the 2020 lockdowns and supporting SMEs now when they need it most will help the economy to rebound once again when lockdowns lift.”

There is a range of bank support available for businesses including;

  • refunds of merchant terminal fees,
  • the waiving of fees on cash deposits and farm management deposit accounts,
  • Up to 3 month repayment deferrals, for business loans
  • Payment deferrals for SME operators on their home loans to assist with cash flow

“The message from banks is clear. If you’re in need of assistance, talk to your bank. Don’t tough it out on your own,” Ms Bligh said.

Don’t tough it out on your own

Latest news

1 / 3
Threats and charms: how to avoid scammmers and their tricks
23 September 2021

As more Australians experience financial scams, the ABA has launched a new campaign to raise awareness on the increasing threat of scams, warning Australians to be on the lookout for scam phone calls, texts and emails. FULL TRANSCRIPT: ABA CEO Anna Bligh spoke with ABC Radio’s Ross Marsden. Ross Marsden  The Australian Banking Association has… Read more »

Read more
Media Releases
ABA launches new awareness campaign as scams grow
22 September 2021

“Scammers don’t target one group over another, they target all people of all backgrounds, ages and income levels across Australia.”

Read more
Media Releases
Hardship assistance triples as deferrals continue to rise
15 September 2021

More than 57,000 customers have received hardship assistance during recent lockdowns across Australia.

Read more