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 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
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.
Reporting Standard - the updated Reporting Standard came into effect on 30 September 2020.