COVID-19: SME Business Loans
Proposed SME Recovery Loan Scheme
We welcome the new Federal Government SME Recovery Loan Scheme to further help Australian businesses recover and grow. The new scheme will provide targeted support, and also helps provide a funding bridge to give businesses affected by COVID-19 more time to recover.
Features of these business loans
- Loans from $20k up to $1m
- Multiple secured loan^ options available
- Terms of 3 or 5 years
- No establishment fees or monthly account keeping fees*
- Fixed interest rates from 2.38% p.a.
Eligibility Criteria for Goverment backed SME Loan
- Have an annual turnover of less than $50 million and valid ABN
- Be a tax resident of Australia – that is based, registered and operating in Australia
- Use the loan for business purposes only and not to refinance existing debt (except for other Scheme loans), lend to an associated entity, purchase residential property or financial products, or to lease, rent, hire or hire purchase assets more than halfway into their effective life
- Not have loans supported by Phase 2 of the Government's Coronavirus SME Guarantee Scheme totalling more than $1 million (including this loan and those from other lenders).
Prep for application success
Once you have submitted an enquiry using the links on this page, a Business Lending Specialist will be in touch with you to talk through the next steps. If you are an existing Bank of Melbourne customer with a Relationship Manager, we will pass on your details and they will contact you directly.
To prepare for this conversation, please have details of your business’s financial situation to hand, which may include bank statements, management accounts, Business Activity Statements (BAS), business financial statements, personal tax returns etc.
Loan documents must be signed and returned by 30th June 2021.
Existing customers with a Relationship Manager
Please contact your Relationship Manager directly to enquire about a loan.
Credit criteria, fees, charges, terms and conditions apply.
^ Security supporting these loans excludes residential property or commercial/rural property that may be used for residential purposes.
* Other fees and charges may apply.