SME Recovery Loan Scheme

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SME Recovery Loan Scheme closed for loans on 30 June 2022

The SME Recovery Loan Scheme offered the following:

  • loans on an unsecured or secured basis (excluding residential property)
  • a maximum loan size of $5 million and a maximum loan term of up to 10 years
  • allowed for a repayment holiday of up to 24 months as agreed between borrowers and lenders
  • permitted refinancing existing loans
  • interest rates were capped at 7.5 per cent for fixed rate loans. For variable rate loans the cap is 7.5 per cent plus an amount calculated using the Bank Bill Swap Bid Rate. The Scheme Rules [PDF 1.6MB] have more information on how interest rate caps rates are calculated. 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.

Under the Scheme, the Government provided the following loan guarantees: 

  • 80 per cent for loans written from 1 April – 31 December 2021
  • 50 per cent for loans written from 1 January – 30 June 2022.

Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020

Legislative Rules

Treasurer’s Delegation [PDF 1.73MB]

Scheme Rules - Amended Scheme Rules came into effect (in conjunction with the Scheme Guarantee Amending Deed) on 1 October 2021 – further amended Scheme Rules [PDF 1.6MB | DOCX 164KB] came into effect (in conjunction with the Scheme Guarantee Amending Deed) on 1 January 2022.

Deed of Guarantee - the Scheme Guarantee Amending Deed came into effect (in conjunction with the amended Scheme Rules) on 1 October 2021 – further Scheme Guarantee Amending Deed came into effect (in conjunction with the further amended Scheme Rules) on 1 January 2022.

SME Recovery Loan Scheme - Reporting Standard

ARS 920.6: Financial Sector (collection of data) (reporting standard) determination No. 42 of 2021

ARS 920.8 Australian Government Small and Medium Enterprise (SME) Recovery Loan Scheme – Flood

ARS 920.10 Australian Government Small and Medium Enterprise (SME) Recovery Loan Scheme

SME Recovery Loan Scheme - Lender Guide [PDF 210 KB]

The following is a list of eligible Local Government Areas (LGAs) impacted by the floods as declared per the Australian Disaster Recovery Payment as at 31 March 2021: 

Armidale
Ballina
Bathurst
Bega Valley
Bellingen
Blacktown
Blue Mountains
Brewarrina
Byron
Cabonne
Camden
Campbelltown
Canterbury Bankstown
Central Coast
Cessnock
Clarence Valley
Cobar
Coffs Harbour
Cumberland
Dungog
Eurobodalla
Fairfield
Gilgandra
Glen Innes Severn
Gunnedah
Gwydir
Hawkesbury
Hornsby
Inner West
Inverell
Kempsey
Ku-ring-gai
Kyogle
Lachlan
Lake Macquarie
Lismore
Lithgow
Liverpool
Liverpool Plains
Maitland
Mid-Coast
Moree Plains
Narrabri
Nambucca Valley
Newcastle
Northern Beaches
Parramatta
Penrith
Port Macquarie-Hastings
Port Stephens
Oberon
Orange
Queanbeyan-Palerang
Richmond Valley
Shoalhaven
Singleton
Sutherland
Tenterfield
The Hills
Tweed
Walcha
Walgett
Wingecarribee
Wollondilly

The following lenders participated in the SME Recovery Loan Scheme.

  • ANZ
  • Bank of Queensland
  • Commonwealth Bank of Australia
    • Bankwest
  • Earlypay
  • Fifo Capital Australia
  • Judo Bank
  • Liberty Finance
  • Marketlend
  • Moneytech Finance
  • National Australia Bank
  • Regional Australia Bank
  • Shift (formerly Get Capital)
  • Social Enterprise Finance Australia
  • Suncorp-Metway
  • The Mutual Bank
  • TrailBlazer Finance
  • Unity Bank
  • Westpac
    • BankSA
    • Bank of Melbourne
    • St George