Phase 2 of the SME Guarantee Scheme closed for loans on 30 June 2021
The Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme Phase 2 provided SMEs (including sole traders and not-for-profits) with vital additional funding to help them get through the impact of Coronavirus, recover and invest for the future. Under the Scheme, the Government provided a 50 per cent guarantee to participating lenders to enhance their ability to extend credit to SMEs.
Phase 2 of the Scheme supported secured and unsecured loans for up to $1 million for terms of up to 5 years with a cap on interest rates. Phase 2 of the Scheme commenced on 1 October 2020 and ceased for loans on 30 June 2021.
The following lenders have been approved to participate in Phase 2.
- ANZ
- Banjo
- Bank Australia
- Bank of Queensland
- Bendigo and Adelaide Bank Ltd
- Bigstone Lending
- Commonwealth Bank of Australia
- Community First Credit Union Limited
- Credabl
- Custom Service Leasing Pty Ltd
- Earlypay
- Fifo Capital
- Finstro Securities Pty Ltd
- Flexirent Capital
- Get Capital
- Heritage Bank Limited
- Hume Bank Limited
- IQumulate Premium Funding
- Judo Bank Pty Ltd
- Liberty Financial
- Metro Finance Pty Ltd
- Moneytech Finance
- Moula Money
- National Australia Bank Limited
- Pepper
- Prospa
- Queensland Country Bank Limited
- Regional Australia Bank Ltd
- Social Enterprise Finance Australia
- Southern Cross Credit Union
- South West Credit Union
- Speedy Finance
- Suncorp-Metway Limited
- The Mutual Bank
- TrailBlazer Finance
- Unity Bank
- Volkswagen Financial Services Australia
- Westpac Banking Corporation
- Zip Business