The Coronavirus SME Guarantee Scheme Phase 1 provided SMEs with vital additional funding to help them get through the impact of the Coronavirus. Under the Scheme, the Government provided a 50 per cent guarantee to participating lenders to enhance their ability to extend credit to SMEs.
Phase 1 of the Scheme supported unsecured working capital loans for up to $250,000 for terms of up to three years, including a repayment holiday for the first six months. Phase 1 of the Scheme commenced on 23 March 2020 and ceased for loans on 30 September 2020.
To enable continued support for businesses in recovery, the Government announced the SME Recovery Loan Scheme, which is open to SMEs that received JobKeeper in the March quarter or were affected by the floods in NSW in March 2021. Loans under the SME Recovery Loan Scheme are available until 31 December 2021. To find out more, visit SME Recovery Loan Scheme.
The Government approved 44 lenders to participate in the Coronavirus SME Guarantee Scheme Phase 1. View the list of Participating Lenders in Phase 1.
Scheme Rules - amended Scheme Rules came into effect (in conjunction with the Scheme Guarantee Amending Deed) on 8 July 2020 – further amended Scheme Rules will come into effect (in conjunction with the Scheme Guarantee Amending Deed) on 1 March 2021
Deed of Guarantee - the Scheme Guarantee Amending Deed came into effect (in conjunction with amended Scheme Rules) on 8 July 2020 – further Scheme Guarantee Amending Deed will come into effect (in conjunction with the further amended Scheme Rules) on 1 March 2021.