How banks are extending their support.
20 July 2020
The ABA welcomes today’s announcement by the Morrison Government to extend the Coronavirus SME Guarantee Scheme.
“This will be welcome news for SMEs and opens up the scheme to those business who are looking to invest or need some extra support to get back on their feet”, said ABA CEO Anna Bligh.
“The banking industry will continue to work with the government ensuring the flow of credit into the economy and supporting those businesses who are still feeling the effects of the pandemic.”
ABA CEO Anna Bligh
“The banking industry will continue to work with the government ensuring the flow of credit into the economy and supporting those businesses who are still feeling the effects of the pandemic.”
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 October 1 changes to the SME Loan Guarantee 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.
Latest news
Media Releases
Banks ready to support flood-affected areas in NSW Mid-North Coast and Hunter regions
Read more
22 May 2025
Banks are on standby to support customers across the Mid-North Coast and Hunter regions impacted by the current severe weather and flooding. ABA CEO Anna Bligh said with torrential rain and flooding taking place, banks were activating financial assistance and relief to support their customers. “Banks recognise that this is a very challenging weather event… Read more »
Transcript
Anna Bligh interview on 2GB Afternoons with Michael McLaren
Read more
22 April 2025
Michael McLaren (Host): Well, here we are at the Easter Show, the great celebration of country life in the city, but it’s also an important platform this to better understand the challenges that the regions face. Now, yesterday, we looked at the floods. Today, I want to look at the banks. Now in the regions,… Read more »
Media Releases
Banks continue to support FNQ flood recovery efforts
Read more
3 April 2025
The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event. ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty… Read more »