We're here for our business customers
We have financial assistance and lending options to help make things more manageable for small and medium-sized businesses impacted by COVID-19.
Updated on: 02/11/2020
Options available for Small & Medium Enterprises (SME’s) impacted by COVID-19
Financial assistance is determined based on your individual circumstances but, if deemed appropriate, may include:
*Interest will be capitalised during the term of any deferral period, and the term of the facility extended unless otherwise advised.
If you are already receiving COVID-related financial assistance, we will contact you to discuss your individual circumstances before your existing assistance period ends.
How to apply
A member of our Customer Assist team will then review your information and contact you to discuss your options.
If you have a Relationship Manager please contact them directly to discuss your options.
SME Support Loan
To continue supporting the Australian economy's recovery from the impact of COVID-19, Suncorp Bank's SME Support Loan is available for a short time only for eligible new and existing customers (subject to lending criteria).
Your business may be eligible to borrow up to $1,000,000 on the following terms:
Reduced Interest Rates & Fees
We’ve reduced a range of interest rates across a number of our small business lending products. Learn more about Suncorp business loans.
We’ve removed all monthly account keeping fees for business deposit accounts. From 3 April 2020, we also removed all business deposit account transaction fees as well as providing free Online Telegraphic Transfers via Global Payments. Learn more about Suncorp business banking accounts.
Financial assistance for Small and Medium Enterprises (SMEs)
Who qualifies as a SME for the financial assistance?
For this package, a SME customer is defined as one with up to $10 million in business lending with Suncorp. The package is available to all existing SME customers whose business is affected by COVID-19, in all sectors of the economy, and on an ‘opt-in’ basis.
This assistance also extends to commercial landlords of properties such as local shopping centres, pubs, clubs and restaurants, who are not receiving their usual rental income streams, and agree to not terminate leases or evict current tenants for rent arrears due to COVID-19.
What supporting information do I need to provide?
We will require some supporting documentation to allow us to assess your request. To ensure that we can consider your request as quickly as possible, please attach the following documentation to your email when submitting your COVID-19 Assistance Request Form to email@example.com:
- Most recent ATO Portal Statement as at time of request; AND
- One of either
- FY19 accountant-prepared financial accounts AND FY20 management financial accounts; OR
- FY19 accountant-prepared financial accounts AND BAS lodgements for the prior 12 months as at time of request
We may need further information from you and our team will advise you if this is the case.
How do I access financial assistance?
To access financial assistance, you will need to apply by following the process outlined above.
Alternatively, you can also call Customer Assist on 1800 225 223 or contact your Relationship Manager (where applicable).
Can I access additional funds to support my cash flow?
The standard financial assistance arrangements are about managing your repayments (either by deferring repayments or converting from principal and interest to interest only), rather than providing additional funding. This means businesses that opt-in can defer their principal and interest or interest-only repayments for their SME business term loans (interest will be capitalised) or convert from principal and interest to interest-only repayments for up to 12 months. However, further assistance in the form of additional funding may be considered on a case by case basis.
In addition, SMEs are able to apply for a business loan (secured or unsecured) of up to $1,000,000 with a term of up to 5 years (lending criteria applies). For further information refer to Suncorp’s SME Support Loan.
What if I don’t want Suncorp to defer my repayments? I am not experiencing financial hardship yet.
Suncorp will not provide this relief unless you ask for it. This relief is being provided on an ‘opt-in basis’ meaning you will be required to contact Suncorp to request financial assistance.
What if I am already receiving financial assistance from Suncorp? Can I still access this new relief?
As long as your accounts were up to date (i.e. not in arrears) within the prior 90 days before making the application for financial assistance, you will be eligible to apply for this new financial assistance package
What does it mean when I request a deferral of repayments?
It means the business can defer its principal and interest repayments for all SME business term loans (interest will be capitalised). This will mean that the original expiry date of the loan will be extended by up to six months (or lesser period at your request) to keep payments the same as before, or the original term can be kept the same and payments increased. This will be determined between Suncorp and our customers.
What do I do if I have already received financial assistance but require further help?
You do not need to contact us to request further assistance. We will contact you prior to the expiry of your current assistance to obtain an update on your individual circumstances and discuss your needs further.
Things you should know:
Business Lending Products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence number 229882 (“Suncorp Bank”). Equipment Finance Products are offered by Suncorp Metway Advances Corporation Pty Ltd ABN 89 100 845 127. To approved applicants only. Fees, charges, terms and conditions apply and are available on request.