Business loans and overdrafts
SME Business Lending
The Federal Government has announced the second phase of the Coronavirus SME Guarantee Scheme. Phase 2 of the Scheme allows for lending of up to $1m.
Starting 1st October 2020 expressions of interest can be submitted for:
- Business lending
- Secured and unsecured options
- Open to both new and existing customers.
We’ll provide further details in the coming weeks.
Temporary business overdraft
For existing customers currently enrolled in the JobKeeper Payment scheme, we’re offering a temporary business overdraft facility to help them continue paying their employees while they wait to receive JobKeeper payments.
- If you have an existing overdraft and require additional funds to meet your employee wage or salary requirements, you can apply for a temporary increase to your existing facility limit, for JobKeeper Payment Scheme - Extension 1, until 3 January 2021. The rate will be at the same interest rate as your existing facility*.
- If you do not currently have an overdraft facility, you can apply for a temporary overdraft facility, for JobKeeper Payment Scheme - Extension 1, until 3 January 2021*. The temporary overdraft facility is available at an interest rate of 7.99% per annum. Throughout the period of the overdraft facility, you will need to clear the balance using any JobKeeper payments you receive.
Show Starter Loans
On the 25th June 2020, the Federal Government announced a $250 million support package to assist the creative economy and get the entertainment, arts and screen sectors back to work as they rebuild from the impacts of COVID-19. The support package includes Show Starter Loans, with $90 million in concessional loans used to fund new productions and events that stimulate job creation and economic activity, delivered through commercial banks and backed by a 100% Commonwealth guarantee.
We are currently working with the Federal Government to finalise the details around the Show Starter Loans and will publish details around eligibility, terms and conditions and the application process on our website as they become available.
In the interim you can find out more about the Show Starter Loans and COVID-19 support measures on the government website.
Things you should know
*Terms, conditions, eligibility and credit criteria apply.
The JobKeeper program is a Federal Government initiative and we provide a link to the external site for your convenience. This information is provided for general information only. Please read the Government’s fact sheet to see if you are eligible and for terms and conditions that apply. You should consider seeking independent legal, financial, taxation or other advice on how the Federal Government initiatives relate to your circumstances.