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
ABA welcomes release of review into small and medium banks
Read more
7 August 2025
The ABA welcomes the release of the Council of Financial Regulators’ (CFR) reviewinto small and medium-sized banks. ABA CEO Anna Bligh said the review findings and recommendations would helpensure there is a more level playing field for Australia’s small and mid-tier banks. “This is an important step forward in ensuring Australia maintains a strong andcompetitive… Read more »
Transcript
Anna Bligh interview with ABC Perth on credit card access
Read more
1 August 2025
EO&E Nadia: Banks has been a big topic of discussion on the show this week because, of course, we’ve just been talking about behavioural security that the bank is bringing in. Earlier, I was telling you during the week that older women can’t get a credit card in their own name. They’re secondary card holders… Read more »
Media Releases
Joint Group of Industry Organisations statement in response to Productivity Commission report
Read more
1 August 2025
The Productivity Commission proposal to tax business cash flow is an experimental change that hasn’t been tried anywhere else in the world. This tax increase risks putting more pressure on all Australians still struggling under cost-of-living pressures. While some businesses may benefit under this proposal, it risks all Australian consumers and businesses paying more for… Read more »