Coronavirus SME Guarantee Scheme Phase 1


Phase 1 of the SME Guarantee Scheme closed for loans on 30 September 2020

The Coronavirus SME Guarantee Scheme Phase 1 provided SMEs with vital additional funding to help them get through the Coronavirus crisis. 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 3 years, including a repayment holiday for the first 6 months. Phase 1 of the Scheme commenced on 23 March 2020 and ceased for loans on 30 September 2020.

The Scheme Rules do not set a cap for interest rates. Interest rates are subject to the loan agreement between lenders and borrowers. Rules for interest rates varied between schemes. In the first instance check the details of your loan agreement as well as the relevant scheme rules.

The following lenders have been approved to participate in Phase 1.

  • ANZ
  • Australian Mutual Bank Limited
  • Banjo
  • Bank Australia
  • Bank of Queensland
  • Bank of us
  • Bendigo and Adelaide Bank Ltd
  • Commonwealth Bank of Australia
  • Community First Credit Union
  • Credabl
  • Fifo Capital Australia Pty Ltd
  • First Choice Credit Union
  • Get Capital
  • Goulburn Murray Credit Union
  • Heritage Bank Limited
  • Hume Bank Limited
  • Illawarra Credit Union
  • IMB Bank
  • Judo Bank Pty Ltd
  • Laboratories Credit Union
  • Liberty Financial
  • Lumi
  • Macquarie Bank
  • Moula Money
  • MyState Bank Limited
  • National Australia Bank Limited
  • On Deck Capital
  • Police Credit Union
  • Prospa
  • Queensland Country Bank Limited
  • Regional Australia Bank Ltd
  • Social Enterprise Finance Australia Ltd
  • South West Credit Union
  • Southern Cross Credit Union
  • Speedy Finance
  • Summerland Credit Union
  • Suncorp
  • The Capricornian Ltd
  • The Mutual Bank
  • Tyro Payments Limited
  • Unity Bank
  • WAW Credit
  • Westpac
  • Zip Business Australia