Suncorp SME Support Loan
Suncorp is proud to be partnering with the Australian Government to help support your SME business and cash flow requirements through this period.
Updated on: 22/04/2020
What’s on offer?*
Whether or not you’re already a Suncorp Bank business customer, your business needs to meet the following eligibility criteria:
If you would like to register your interest in the SME Support Loan, submit your request online using the form below and a Business Consulant will be in touch with you to discuss.
Existing Suncorp Bank customers can contact their Relationship Manager (where applicable) or your Broker who currently assists with your lending requirements.
Alternatively, you may also call us on 13 11 55 (selecting options 1,3,3,2) Mon-Fri, 8:00am–5.30pm.
Suncorp’s SME Support Loan
How does Suncorp determine how much I can borrow under the SME Support Loan?
We will consider your financial position prior to the impacts of COVID-19 as well as discuss with you your anticipated future income and business cash flow requirements, in order to assess the loan amount required and your ability to meet current and proposed loan repayments. Approval will be subject to Suncorp’s lending criteria.
Do I need to be an existing Suncorp customer to be eligible to apply for the SME Support Loan?
No. Both new and current customers of Suncorp Bank are able to apply for this loan.
If I have applied for a similar loan under the Government SME Guarantee Scheme with another financial institution, will I be able to apply for a Suncorp SME Support Loan?
You will be able to apply for a Suncorp SME Support Loan on the condition that you have not accepted an offer from another financial institution for a similar loan under the Government SME Guarantee Scheme. It will be a condition to applying for the SME Support Loan with Suncorp that you confirm no other offer has been accepted.
What does it mean when I don’t make repayments for the first 6 months of the loan and interest is capitalised?
Although you are not required to make any loan repayments for the first six months, interest will capitalise to the loan monthly. This means that the amount owing will increase above the initial approved limit and your principal and interest repayments will then be calculated on this higher amount to ensure the loan is repaid over the remaining loan term.
Can I access my loan progressively or do I need to draw the total limit approved as a single amount?
Yes. You can make progressive drawdowns on the loan, with the only requirement that you make the first drawing within 3 months of the date of your Letter of Offer, or 31 December 2020, whichever is the earlier.
If you haven’t fully drawn the loan within the initial 6 month period, it is important to note that any future draw downs will increase the repayment amount to ensure that the loan is fully repaid by the end of the loan term.
Can I make repayments during the initial 6 month period or make additional repayments over the minimum amount?
Yes. You can make additional repayments from the beginning of the loan, however you will not be able to redraw any of these additional repayments once paid against the loan.
I understand under the Government SME Guarantee Scheme that the Government is providing a guarantee for 50% of the facility. Does this mean I only need to repay 50% of the total limit approved?
No. The full amount of the loan is to be repaid and will be subject to personal guarantees provided as a condition of the loan. The Government provides Suncorp a guarantee for 50% of the debt to facilitate lending at lower interest rates to SME businesses than what would be otherwise payable. However, the borrower is responsible for full repayment of the loan.
If my business is not eligible for a SME Support Loan, are there any other options available, such as extending my overdraft?
Things you should know
* Lending criteria applies. Loans must be approved by 30 September 2020.
Business Lending Products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence number 229882 (“Suncorp Bank”).