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: 22/04/2020
Options available for Small & Medium Enterprises (SME’s) impacted by COVID-19
Upon request, we’re offering the following assistance for eligible SME business customers:
*Interest will be capitalised during the term of any deferral period, and the term of the facility extended unless otherwise advised.
How to apply
If you have $3 million or greater in business debt with Suncorp, please contact your Relationship Manager.
Learn more about assistance when your business is experiencing financial difficulty.
View Business Assistance FAQs.
SME Support Loan
To help businesses impacted by COVID-19 manage their cash flow through this period, Suncorp Bank is offering a new unsecured SME Support Loan to both new and existing customers (subject to lending criteria). At a glance, your business could borrow up to $250,000 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.
How do I prove my business has been impacted by COVID-19?
If your lending with Suncorp is less than $3 million, you will self-assess whether your business has been impacted by COVID-19. Subject to meeting the eligibility criteria, you will be eligible to apply for the support options available. If your lending with Suncorp is $3 million or greater, your Relationship Manager will be able to advise what information is required to understand the impact to your business.
How do I access financial assistance?
To access financial assistance, you will need to apply.
We have a short application form available online for SME business customers whose lending with Suncorp is up to $3 million.
You can also call Customer Assist on 1800 225 223 or contact your Relationship Manager (where applicable). You may also call the general Suncorp enquiry number 13 11 55 or come into one of our stores. Please check our store locator for available locations.
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, for a period of up to 6 months (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 an unsecured business loan of up to $250,000 with a term of up to 3 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 that your repayments be amended.
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 eiligible to apply for this new financial assistance package
What does it mean when I request a 6-month deferral of repayments?
It means the business can defer its principal and interest repayments for all SME business term loans, for six months (interest will be capitalised). This will mean that the original expiry date of the loan will be extended by 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 if I may not need six months deferral?
That’s ok. Suncorp may provide deferral for the period you require (up to six months).
What if I need more than six months?
If after the initial six-month deferral period, further financial assistance is required, please contact us 4 weeks before expiry so we can make a further assessment.
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.