SME Recovery Loan Scheme

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The Federal Government announced on 13 December 2021 a proposed extension to the small business loan scheme. The SME Recovery Loan Scheme (the Scheme) was due to end on 31 December 2021, however will now be extended to 30 June 2022.

The existing SME Recovery Loan Scheme, which provides a Government guarantee of 80% of the loan amount offered by participating lenders to eligible borrowers to assist them to recover from the adverse economic affects of the Pandemic, was available for guaranteed loans from 1 April 2021 until 31 December 2021.

Under the proposed Scheme extension, loans will be available from 1 January 2022 until 30 June 2022, with a Government guarantee of 50% (reduced from the current 80%).  This is in recognition of the economic recovery underway with the easing of restrictions.

Businesses with a turnover of less than $250 million will be able to access loans from participating lenders of up to $5 million over a term of up to 10 years to help deal with the economic impacts of the COVID-19 Pandemic.

The Government is currently considering applications from lenders interested in participating in the SME Recovery Loan Scheme.

The following lenders have been approved to participate in the SME Recovery Loan Scheme. (Please check with your lender as the list below may not be current).

  • ANZ
  • Bank of Queensland
  • Commonwealth Bank of Australia
  • Earlypay
  • Fifo Capital Australia
  • Get Capital
  • Judo Bank
  • Liberty Finance
  • Marketlend
  • Moneytech Finance
  • National Australia Bank
  • Regional Australia Bank
  • Social Enterprise Finance Australia
  • South West Credit Union Co-operative
  • Suncorp-Metway
  • The Mutual Bank
  • TrailBlazer Finance
  • Unity Bank
  • Westpac

Further information will be available once the proposed amendments to the Scheme Rules have been finalised.

Christmas Closure

Our office will be closed from 12PM on Wednesday 22nd December and will reopen at 9AM on Monday 10th January 2022.

On behalf of everyone at MAP have a great Christmas and best wishes for 2022.

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Milroy Accounting Professionals has served the Macarthur for over 20 years, including Camden, Narellan, Campbelltown, Liverpool and more recently Smeaton Grange, Gregory Hills and Oran Park. We deliver professional accountancy and compliance, bookkeeping and business advisory services to retail, commercial, industrial and trades firms, whether large or small.

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