At a glance

Low rates 1
For new lending $200k+
100% LVR 2
Up to 100% Loan-to-Value Ratio
10 years 2
Interest Only Option
Flexible 
Repayment holiday for the first 12 months 3

What is the Scheme?

The Federal Government has launched the SME Recovery Loan Scheme, Phase 3 of the SME Guarantee Scheme.

The SME Recovery Loan Scheme is designed to support economic recovery, to provide continued assistance to eligible small and medium enterprises (SME) in a post JobKeeper environment, and to support eligible flood-affected businesses.

For businesses, this means access to finance for a broad range of business purposes including to support investment and to refinance pre-existing debt of an eligible borrower, including debt from previous SME Guarantee Scheme phases.

 

About the Scheme

  • The Government SME Recovery Loan Scheme is available to eligible existing BOQ customers.
  • Maximum lending limit of $5 million per ABN holder (inclusive of any lending under the scheme with other eligible lenders)
  • Secured business term loans (excluding residential property).
  • A broad range of business purposes, including to support investment, acquisition of another business, refinance of any pre-existing debt of an eligible borrower, including those from Phases 1 and 2 of the SME Government Guarantee Scheme.

Lending cannot be used to purchase residential property or purchase financial products.

Who is eligible?

Small to medium businesses and not-for-profit organisations who meet the following requirements are eligible to apply:

  • Are carrying on a business, or are a not-for-profit organisation, and have a valid registered ABN, and
  • Have annual business turnover in the 2019-2020 financial year of <$250m and likely to be <$250m in the 2020-21 and 2021-22 financial years, and
  • Be adversely economically affected by the Coronavirus Pandemic, or
  • Have been adversely economically affected by the flooding in March 2021 and are a business located or operating in the relevant flood-affected Local Government Areas (LGAs).

Loan must be approved and loan documentation signed and returned to BOQ by 31 December 2021.

What is BOQ offering?

  • Up to $5 million SME Recovery Loan Scheme lending per business entity ABN (minimum of $20,000)1.
  • Business Term Loans2 with:
    • a maximum 10 year loan term; and
    • low interest rates1, available on application.
  • Up to 85% Loan to Value Ratio for owner occupied commercial property (LVR)2.
  • Up to 100% Loan-to-Value Ratio(LVR) will be considered where the customer has an owner occupied home loan with BOQ2.
  • $0 application fee and no monthly Loan Service Fees1.
  • Option for a repayment holiday for the first 12 months3.
  • 'Lease Doc’ option with reduced documentation requirements for LVR’s up to 70%2.
  • The facility is repayable at the expiry of the loan term.
  • Option to review loan structure at the end of the loan term, subject to relevant credit and other approvals at that time. 

Ready to apply?

 

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