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SME Government Guarantee
Scheme Loan Phase Two

Support your business needs through to 30 June 2021   

The Federal Government has launched Phase Two of the SME Guarantee Scheme to provide small and medium enterprises (SME) with access to a range of funding to help them to adapt to their new operating environment, support their current or upcoming cash flow needs, or invest in their business for the future.

Under the Scheme, the Government will provide BOQ Specialist with a guarantee of 50% on new loans to be used for business purposes such as purchasing commercial property, your practice and/or assets, as well as for working capital. Similar to Phase One, the Government has set eligibility criteria for participation in this Scheme.

To apply, contact your dedicated financial specialist or call 1300 160 160.

About the Scheme

The Government SME Guarantee Scheme Loan Phase Two is available to all eligible new and existing BOQ Specialist clients with no requirement that you have been negatively impacted by COVID-19.

There is a maximum lending limit of $1 million per ABN holder, with the option to choose either unsecured or secured loans (excluding residential property).

A broad range of accepted borrowing purposes:
  • Must be new lending for business purposes.
  • Refinancing of Phase One or Phase Two loans is acceptable within the Phase Two maximum lending limit of $1 million. 
Lending cannot be used to:
  • Purchase residential property or a financial product, including insurance, derivatives, shares and bonds;
  • Refinance, extend or increase any existing non-Scheme lending with BOQ Specialist or another financier;
  • Lease, rent, hire or hire purchase any existing assets that are more than half way into their effective life; or
  • On-lend to an associated group entity.
Who is eligible?
Small to medium business and not-for-profit organisations who meet the following requirements are eligible to apply:
 
  • Have an active ABN and are conducting business in the current financial year; and
  • Have an annual turnover of less than $50 million in FY2019-20 or a projected turnover less than $50 million in FY2020-21 ; and
  • Have not already received the maximum $1 million of Phase Two lending from any provider(s).
What you need to do

You will be required to complete a SME Government Guarantee Scheme Borrower Declaration form.

It is important that the attestations you make in this form are accurate as these will be used in assessing your eligibility for the Scheme loans.

Based on your lending requirements, your dedicated financial specialist will then guide you on the application forms and supporting documentation required. 

What is BOQ Specialist offering

The facility is repayable on demand and, in any event, at the expiry of the initial term.

At the end of the five year loan term, we will assess your current situation at that time and discuss the various ways in which the facility might be restructured, subject to relevant credit and other approval.

Talk to one of our financial specialists today for more information
 

Find a specialist

You may also be interested in:

Managing your finances during COVID-19 webinars

A series of educational webinars designed to assist you in managing your personal and practice finances during the COVID-19 pandemic.

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Business support for clients impacted by COVID-19

During the evolving COVID-19 situation, our absolute priority is ensuring we take every step to look after our clients. That’s why we have put in place a number of measure to help you manage your practice during these difficult times.

Learn More

Want to find out more?

Please contact your dedicated financial specialist directly or call our Client Service Centre below.

 

  1300 160 160

 

Enquire now

 

 

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  • Important Information

      The issuer and credit provider of these products and services is BOQ Specialist. Terms and conditions, fees and charges and lending and eligibility criteria apply. You should obtain and consider the product terms and conditions before making any decision about whether to acquire the products. We reserve the right to cease offering these products at any time without notice.

      Any information is of a general nature only. We have not taken into account your objectives, financial situation, or needs when preparing it. Before acting on this information you should consider if it is appropriate for your situation. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate.

      Note: Not all clients will be eligible for the SME Guarantee Scheme Loan Phase Two and you should contact your dedicated financial specialist to understand the eligibility criteria and what other financing options are available. Standard fees and charges apply to all loan products. The Government Guarantee provides an interest rate benefit, however in certain circumstances, a restructure of the Phase Two loan may result in the loss of the guarantee and subsequent loss of the interest rate benefit   If you already have a One Account for Business with overdraft, this facility cannot be used to refinance your existing facility and will need to be established as a new facility to be eligible for the Scheme.

      The issuer and credit provider of these products and services is BOQ Specialist – a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian credit licence no. 244616 (“BOQ Specialist”). Any information is of a general nature only. We have not taken into account your objectives, financial situation, or needs when preparing it. Before acting on this information you should consider if it is appropriate for your situation. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate. BOQ has the right to change or cancel these relief measures at any time without notice. Information current at 5 November 2020.

      * Subject to approval. Lending criteria applies. Loans must be formally approved by 30 June 2021.