Coronavirus (COVID-19) updates from the Australian Government

Coronavirus SME Guarantee Scheme Phase 2

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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