Expanded SME Loan Guarantee
11 March 2021
Australia’s banks and small businesses have welcomed the Government’s new expanded loan scheme, saying it will help fuel the economic recovery.
The new SME loan guarantee scheme includes ten-year loans of up to $5 million with the option of a 24 month repayment holiday. The loans will be available to businesses which have been on JobKeeper between 4 January and 28 March.
Australian banks are working with the Government to deliver the loans, ensuring small and medium businesses have access to the cheap finance they need to survive the pandemic.
“The new phase of the scheme will make more businesses eligible and allow banks to provide more funding and support to businesses, particularly those still doing it tough”
ABA CEO Anna Bligh
“This is the right product for the times. It includes more flexibility, and will allow small businesses to re-stock, rebuild and recover”, said ABA CEO, Anna Bligh.
“The new phase of the scheme will make more businesses eligible and allow banks to provide more funding and support to businesses, particularly those still doing it tough”, Ms Bligh said.
The Council of Small Business Organisations Australia has also welcomed the new scheme.
“This sends a message to businesses that wish to perhaps expand their manufacturing base, or those businesses that are still going through a difficult time but know they have a viable business, that they can go to their bank and openly discuss their situation. It provides the flexibility that business people will need in these difficult times”, said COSBOA CEO, Peter Strong.
Media Inquiries:
COSBOA [email protected]
ABA [email protected]
Latest news
Media Releases
Banks back Aussie farmers with record lending
Read more
15 November 2024
Australian banks continue to back growth and innovation across the farming sector with agribusiness lending now at record levels, exceeding $131 billion for the first time. The Australian Banking Association is highlighting the banking sector’s ongoing support for Aussie farmers this National Agriculture Day. Lending to agribusinesses has skyrocketed over the last year, rising 9.4 per cent in… Read more »
Media Releases
New scams prevention framework key to winning war against scammers
Read more
7 November 2024
The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians. ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams. “This is an important step forward in our ongoing work to scam-proof… Read more »
Media Releases
Banks stand ready to support Far West NSW communities impacted by recent storms
Read more
1 November 2024
Banks stand ready to support Far West NSW communities hit by recent storms and ongoing power outages. ABA CEO Anna Bligh acknowledged that many households and businesses in the Far West were still feeling the effect of this severe weather event. “My message to customers in these communities, is please reach out to your bank… Read more »