fbpx
Skip to main content
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
Don’t fall for a fake cupid this Valentine’s Day  
13 February 2024

Love is in the air, but so are scammers looking to exploit the season of hearts and flowers.   As Valentine’s Day approaches, the Australian Banking Association (ABA) urges everyone to be extra cautious and scam-proof their heart from romance scams and other fraudulent schemes.  “Scammers play the part and prey on people’s emotions,” ABA CEO… Read more »

Read more
Banks hardship teams on standby to help cyclone-impacted communities in Queensland 
31 January 2024

Banks have dedicated hardship teams on standby to help those impacted by Tropical Cyclone Kirrily and the Australian Banking Association has urged those in need of financial assistance to reach out.  “With the second major cyclone in as many months followed by torrential rain, people in Queensland have been dealt yet another serious blow. I… Read more »

Read more
Media Releases
Banks stand ready to support cyclone-impacted communities in Far North Queensland 
18 December 2023

Today the Australian Banking Association has told Queenslanders impacted by major flooding as a result of cyclone Jasper that banks have teams on standby to help those in need.  “The ABA urges anyone in need of financial assistance to reach out to their bank, and to do so as early as possible. Dedicated hardship teams… Read more »

Read more