Suncorp supports businesses with COVID-19 recovery options


Small and medium businesses across Australia now have access to more funding to support cashflow and investment following the announcement of phase two of the SME Support Loan.


Suncorp supports businesses with COVID-19 recovery options

The redesigned SME Support Loans extend the Australian Government’s COVID-19 SME Guarantee Scheme which was initially launched in April, and provides support measures to SMEs, including sole traders and not-for-profits with a turnover of up to $50 million.

SME customers can now apply for a loan of up to $1 million per borrower with a maximum repayment term of five years to support business recovery as a result of COVID-19.

Suncorp Banking and Wealth Executive General Manager Business Banking, Glenn Haslam said the extension of the SME Support Loan and its enhancements are expected to help more customers impacted by COVID-19, including those who are adapting or growing their businesses.

“Many businesses across Australia have had to change the way they operate including mobilising workforces, transitioning to online sales, or dealing with stock issues as a result of restrictions,” Mr Haslam said.

“The second phase of the government-backed SME Support Loan will give SME customers greater flexibility including accessing the loan for a broader range of business purposes.”

Phase two of the SME Support Loan can be either unsecured or secured, however cannot include residential property.

“We understand there is a high level of uncertainty for businesses, particularly those in impacted sectors such as retail, hospitality and tourism,” Mr Haslam said.

“The SME Support Loan can be drawn on by approved customers if and when they need it, with interest only charged when a customer chooses to access it.”

“Adopting this scheme is part of our commitment to providing our SME customers with the support and guidance they need to get through this challenging time.”

SME customers interested in the SME support loan phase two are encouraged to get in touch with Suncorp either through their Relationship Manager, broker or by phone to find out more about the process and to apply.

#Subscribe for Suncorp updates