SME Recovery Loan Scheme: how it could help your business
Find out about the Federal Government’s SME Recovery Loan Scheme, eligibility criteria and how a SME Recovery Loan may be able to help your business recover and grow.
The SME Recovery Loan Scheme is designed to help small and medium sized enterprises (SME) that have been significantly impacted by COVID-19 or the March 2021 floods.1
The Scheme is available to businesses that are adversely economically affected by:
Loans can be used to refinance existing debt2, purchase commercial property and other business purposes that supports the growth and recovery of your business.
Loans issued under the Scheme can be used to refinance existing loans or for a broad range of business purposes including:
Loans cannot be used to:
A Westpac Business Loan is available under the SME Recovery Loan Scheme.
A Business Loan can be used for a wide range of business purposes including refinancing an existing loan, buying a new business or commercial property.
Learn more about your options with Westpac under the SME Recovery Loan Scheme.
Variable interest rates are available with rates depending on the security offered4 and whether a repayment deferral applies.3
Find out more about interest rates for Westpac loans under the SME Recovery Loan Scheme.
The SME Recovery Loan Scheme is available now until 31 December 2021.
Businesses (including sole traders and not-for-profits) are eligible if they are adversely economically affected by:
To apply your business must:
Yes, eligible borrowers can apply for up to $5 million in total, in addition to the SME Guarantee Scheme Phase 1 and Phase 2 loan limits.
You can check your eligibility and enquire about a SME Recovery Loan with Westpac here. Loans are available to both new and existing Westpac customers.
Before you apply: Gather documentation about your business’s financial situation.
Make an enquiry: Once you’ve enquired, a Business Lending Specialist will be in touch with you to talk through the next steps. If you’re an existing Westpac customer with a Relationship Manager, we’ll pass on your details and they’ll contact you directly.
We assess your application: Please be aware that COVID-19 has impacted the time it takes to process and follow up applications but we’ll aim to contact you as soon as possible.
We have an enquiry form to assist businesses with the application process.
Yes, Westpac is offering repayment deferrals of 6 or 12 months on loans under the SME Recovery Loan Scheme.3
If your business isn’t eligible for the SME Recovery Loan Scheme, we have other business finance solutions that may suit your business needs.
If you’re experiencing financial difficulties, we may be able to provide a tailored solution to help you get the support you need.
Eligibility, credit criteria, fees, charges, terms and conditions apply.
This article is a general overview and should be used as a guide only. We recommend that you seek independent professional advice about your specific circumstances before acting. Product and feature details available under the SME Recovery Loan Scheme will vary by provider.
1. Adversely economically affected by the floods in March 2021 and who are located or operated in a flood affected Local Government Area (LGA) as published by the Commonwealth on the Scheme’s Treasury website.
2. Restrictions apply as to existing debt that can be refinanced. Existing debt that is secured by residential property or that is 30 days or more in arrears may not be eligible.
3. An interest rate premium may apply where a payment deferral period is selected. Interest will accrue during the period of the repayment deferral.
4. Security supporting these loans excludes residential property.