Coronavirus SME Guarantee Scheme (Up to $250,000)

Under the Scheme, the Government will provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital. This will enhance these lenders’ willingness and ability to provide credit, which will result in SMEs being able to access additional funding to help support them through the upcoming months.SMEs with a turnover of up to $50 million will be eligible to receive these loans.The Government will provide eligible lenders with a guarantee for loans with the following terms:Maximum total size of loans of $250,000 per borrower.The loans will be up to three years, with an initial six month repayment holiday. The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020. 

Banks supporting the Coronavirus SME Guarantee Scheme:Bankwest Bendigo Bank NAB Commonwealth Bank Westpac