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 and for those facing the ongoing impact of Coronavirus, the Government has extended the Scheme and made targeted amendments to its parameters to meet the evolving needs of SMEs. Phase 2 of the Scheme will continue to support lenders’ ability to provide credit and ensure that SMEs benefit from lower interest rates.
Phase 2 of the Scheme commenced on 1 October 2020 and will be available for loans made by participating lenders until 30 June 2021. To find out more information on Phase 2, visit Coronavirus SME Guarantee Scheme Phase 2
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.