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Suncorp SME Recovery Loan

Suncorp is proud to be partnering with the Australian Government to help support your SME business and cash flow requirements through this period of economic recovery.

Find out if your business may be eligible for the SME Recovery Loan.

What’s on offer?*

  • Term Loan of up to $5,000,000 (secured lending) or up to $250,000 (unsecured lending)
  • Maximum loan term of up to 10 years (secured lending) or up to 5 years (unsecured lending)
  • Repayment deferral of up to 12 months1
  • Interest rates from 1.99% p.a. (secured lending) and 4.69% p.a. (unsecured lending)2
  • No establishment or monthly account keeping fees
  • Progressive draw is available
  • No early payout fees

What are the eligibility requirements?

Whether or not you’re already a Suncorp Bank business customer, your business needs to meet the following eligibility criteria:

  • Registered with an ABN and is based and operates within Australia.
  • Annual turnover of less than $250 million in the 2019-20 financial year and expected 2020-21 financial year turnover of less than $250 million.
  • You either:
    • received, or were eligible to receive a JobKeeper payment during the period of 4 January to 28 March 2021, and / or
    • have been adversely economically affected by the floods in March 2021 and are located or operate in a Flood Affected Local Government Area (LGA), as published on the Department of the Treasury website.
  • The purpose of the loan funds can be for:
    • working capital requirements
    • purchase of non-residential property
    • acquisition of another business
    • refinance of any existing loan facilities (including existing SME Guarantee Phase 1 and 2 Loans).* 
  • You are unable to obtain funding to:
    • acquire residential property or a financial product
    • provide a loan to an associated entity
    • lease, rent, hire or hire purchase an existing asset which is more than halfway into its effective life.
  • The loan is unconditionally approved by 31 December 2021.

Things you should know

* Existing loan facilities to be refinanced must meet the above purpose requirements and not be 30 days or more in arrears at the time of application.

1. Repayment deferrals for a further 12 months (i.e. 24 months in total) will be considered on a case by case basis.

2. The interest rate is increased by 0.30% p.a. where a repayment holiday is sought. An additional risk margin may be applied if the lending is not fully secured.

Business Lending Products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence number 229882 (“Suncorp Bank”). To approved applicants only. Fees, charges, terms and conditions apply and are available on request.

What are the next steps?

Customers can also contact us to discuss the SME Recovery Loan via:

  • Our help line on 13 11 55
  • Your Relationship Manager (where applicable) or
  • Your broker who currently assists with your lending requirements (where applicable).

Unfortunately it appears you are not eligible for the SME Recovery Loan. However, there are other financing options that you may wish to consider such as business term loans, business overdrafts or vehicle and equipment loans. Click here to find out more about these alternate options. 

Customers can also contact us to discuss these options with you further via:

  • Our help line on 13 11 55
  • Your Relationship Manager (where applicable) or
  • Your broker who currently assists with your lending requirements (where applicable).

Frequently asked questions