Coronavirus SME Guarantee Scheme Phase 1

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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

Treasurer’s Delegation

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.

Lender guide