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Support during Covid-19

The Business Relief Package

Banks are ready to support your business


SME Loan Guarantee Phase Two:  October 1 2020

SME Guarantee loans can now be larger, longer term and for a wider range of purposes.
The initial phase of the Scheme remains available for new loans issued by eligible lenders until 30 September 2020.
The second phase of the Scheme will start on 1 October 2020 and will be available until 30 June 2021.

Key changes include:
• Loans can be for a wider range of investment, beyond working capital
• Secured lending now permitted (excludes commercial or residential property)
• Maximum loan size increased to $1 million (from $250,000 per borrower)
• Maximum loan term now five years (from three years)
• Lenders can now offer a repayment deferral period.

More Phase Two COVID Support

Jobkeeper business loan hotlines

Contact your bank to fast-track assistance until JobKeeper payments begin.


ANZCommbankNAB Westpac
ANZCommonwealth BankNational Australia Bank
1800 571 12313 26 071800 562 5331300 731 073


1300 669 4721300 784 8731300 730 1961300 55 72 72
Suncorp
Bendigo Bank Logo 2020
13 11 55web enquiry only

About the package

Loan Deferrals

If your business or not-for-profit has been adversely impacted by COVID-19 your bank will allow you to defer principal and interest repayments for all loans attached to the business for a period of six months. While the interest will be capitalised and paid off over the life of the loan.

While you won’t make any principal or interest payments for the six months, interest will continue to be accrued, it can then be paid off over the life of the loan once repayments begin again, or the length of the loan can be extended. This is a discussion that should be had between you and your bank.

Eligibility

To be eligible, you must have less than $10 million total debt to all credit providers. You need to be current, and not in arrears as of 1 January 2020. It does not matter how many people you employ. Some banks are applying these criteria flexibly, so if you fall outside please contact your bank to discuss your situation.

The bank will ask you to self-assess whether your business (or not-for-profit) has been adversely impacted, no further verification will be required. In order to participate you must advise your bank that your business (or not-for-profit) is affected by COVID-19, they will fast track the approval process and provide support as soon as possible.

SME Loan Guarantee Scheme

Participating banks are also offering loans, including overdrafts, at very low interest rates, to help bridge cash flow gaps. Under the government backed SME Loan Guarantee scheme, no loan repayments will be required for the first six months of the loan and applies to new loans made until 30 September 2020.

JobKeeper

The Federal Government has also introduced a JobKeeper program. Under the scheme, businesses and not-for-profits significantly impacted will be able to access a wage subsidy from the Government to continue paying their employees. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income.

Download the JobKeeper fact sheet

FAQs

Yes. Banks are offering loans at very low interest rates, supported by the Government, through an SME Loan guarantee. Your business would still need to meet certain lending criteria set out by your bank.

Customers will self-assess whether their business has been adversely impacted, no further verification will be required.

Banks don’t report information to credit bureaus about small business customers.

Find your bank

Select your bank to find out more about their individual relief packages
AMP

Phone: 1300 130 191
Hardship Assistance: Website

Visit website
ANZ

Phone: 1800 351 548
Financial Hardship: Website

Visit website
Arab Bank Australia

Phone: 1800 64 64 84
Hardship Assistance: Website

Visit website
Bank Australia

Phone: 132 888
Hardship Assistance: Website

Visit website
Bank of Melbourne
Visit website
Bank of Sydney

Phone: 13 95 00
Hardship Assistance: Website

Visit website
BOQ Group

Phone: 1800 079 866
Hardship Assistance: Website

Visit website
Bank SA

Phone: 1800 679 461
Hardship Assistance: Website

Visit website
Bankwest

Phone: 1300 769 173
Hardship Assistance: Website

Visit website
Bendigo and Adelaide Bank

Phone: 1300 652 146
Hardship Assistance: Website

Visit website
Citi Bank

Phone: 1300 652 146
Hardship Assistance: Website

Visit website
Commonwealth Bank

Phone: 1300 720 814
Hardship Assistance: Website

Visit website
HSBC Bank

Phone: 1300 555 988
Hardship Assistance: Website

Visit website
ING Bank

Phone: 1300 349 166
Hardship Assistance: Website

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Macquarie Bank

Phone: 1300 363 330
Hardship Assistance: Website

Visit website
Me Bank

Phone: 1300 500 520
Hardship Assistance: Website

Visit website
MyStateBank

Phone: 13 800 1
Hardship Assistance: Website

Visit website
NAB

Phone: 1800 701 599
Hardship Assistance: Website

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Rabobank

Phone: 1800 025 484
Hardship Assistance: Website

Visit website
Rural Bank

Phone: 1300 660 115
Hardship Assistance: Website

Visit website
St. George Bank

Phone: 1800 629 795
Hardship Assistance: Website

Visit website
Suncorp

Phone: 1800 225 223
Hardship Assistance: Website

Visit website
U Bank
Visit website
Westpac

Personal: 132 032
Small Business: 132 142

Hardship Assistance: Website

Visit website
Support During Covid-19
Support During Covid-19

We’re here to help

Australian banks are open and here to help all their customers in this time of financial hardship.

Learn more