Expanded SME Loan Guarantee
11 March 2021
Australia’s banks and small businesses have welcomed the Government’s new expanded loan scheme, saying it will help fuel the economic recovery.
The new SME loan guarantee scheme includes ten-year loans of up to $5 million with the option of a 24 month repayment holiday. The loans will be available to businesses which have been on JobKeeper between 4 January and 28 March.
Australian banks are working with the Government to deliver the loans, ensuring small and medium businesses have access to the cheap finance they need to survive the pandemic.
“The new phase of the scheme will make more businesses eligible and allow banks to provide more funding and support to businesses, particularly those still doing it tough”
ABA CEO Anna Bligh
“This is the right product for the times. It includes more flexibility, and will allow small businesses to re-stock, rebuild and recover”, said ABA CEO, Anna Bligh.
“The new phase of the scheme will make more businesses eligible and allow banks to provide more funding and support to businesses, particularly those still doing it tough”, Ms Bligh said.
The Council of Small Business Organisations Australia has also welcomed the new scheme.
“This sends a message to businesses that wish to perhaps expand their manufacturing base, or those businesses that are still going through a difficult time but know they have a viable business, that they can go to their bank and openly discuss their situation. It provides the flexibility that business people will need in these difficult times”, said COSBOA CEO, Peter Strong.
Media Inquiries:
COSBOA [email protected]
ABA [email protected]
Latest news
Media Releases
Former ASIC Commissioner Sean Hughes appointed Chair ofthe Banking Code Compliance Committee
Read more
16 January 2026
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »
Op-Ed
Op-Ed: Your super is footing the bill for someone else’s gamble
Read more
15 January 2026
The CSLR was intended to give basic protection to mum and dad-type investors. It should not be a collectively funded vehicle for removing investment risk from society.
Media Releases
Banks offer support to customers impacted by the Victorian bushfires
Read more
12 January 2026
Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria. ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers. “This is an extremely challenging time for many Victorian communities, households and businesses,” Mr Birmingham said. “There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months. “Banks have highly… Read more »