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Support during Covid-19

The Business Relief Package

Banks are ready to support your business


SME Loan Guarantee Scheme Phase Three: Details

This new phase, announced 11 March 2021, will extend the length and size of loans available to businesses, increase the amount of eligible businesses, and increase the Government’s guarantee of each loan from 50% to 80%.

The initial phase of the Scheme was available for new loans issued by eligible lenders until 30 September 2020.
The second phase of the Scheme started on 1 October 2020 and will be available until 30 June 2021.
The third phase of the Scheme will begin 1 April 2021 and be available until December 2021.

Phase Three: Details

  • Loans must be approved between 1 April 2021 and 31 December 2021.
  • Business can apply for 10 year loans of up to $5 million.
  • These loans come with an option of a 24 month repayment holiday.
  • An eligible loan under the Scheme can take any form of credit (including overdrafts, working capital and revolving facilities, leases or hire-purchase arrangements), with the exception of a credit, debit, charge card or business card facility.
  • Loans may be used to refinance any pre-existing debt of an eligible borrower.

Full details at treasury.gov.au


About the package

More Phase Two COVID Support

SME Loan Guarantee Scheme

Participating banks are also offering loans, including overdrafts, at very low interest rates, to help bridge cash flow gaps.  The SME Loan Guarantee Scheme continues until 30 June 2021.

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.

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

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ANZ

Phone: 1800 351 548
Financial Hardship: Website

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Arab Bank Australia

Phone: 1800 64 64 84
Hardship Assistance: Website

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Bank Australia

Phone: 132 888
Hardship Assistance: Website

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Bank of Melbourne
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Bank of Sydney

Phone: 13 95 00
Hardship Assistance: Website

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BOQ Group

Phone: 1800 079 866
Hardship Assistance: Website

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Bank SA

Phone: 1800 679 461
Hardship Assistance: Website

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Bankwest

Phone: 1300 769 173
Hardship Assistance: Website

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Bendigo and Adelaide Bank

Phone: 1300 652 146
Hardship Assistance: Website

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Citi Bank

Phone: 1300 652 146
Hardship Assistance: Website

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Commonwealth Bank

Phone: 1300 720 814
Hardship Assistance: Website

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HSBC Bank

Phone: 1300 555 988
Hardship Assistance: Website

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ING Bank

Phone: 1300 349 166
Hardship Assistance: Website

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Macquarie Bank

Phone: 1300 363 330
Hardship Assistance: Website

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Me Bank

Phone: 1300 500 520
Hardship Assistance: Website

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MyStateBank

Phone: 13 800 1
Hardship Assistance: Website

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NAB

Phone: 1800 701 599
Hardship Assistance: Website

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Rabobank

Phone: 1800 025 484
Hardship Assistance: Website

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Rural Bank

Phone: 1300 660 115
Hardship Assistance: Website

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St. George Bank

Phone: 1800 629 795
Hardship Assistance: Website

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Suncorp

Phone: 1800 225 223
Hardship Assistance: Website

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U Bank
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Westpac

Personal: 132 032
Small Business: 132 142

Hardship Assistance: Website

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Support During Covid-19
Support During Covid-19

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

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