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SME Recovery Loan Scheme Business Loan

A brighter future? We can help with that

Up to 100% Loan to Value Ratio*

Interest only options up to 10 years*

Low interest rates for new borrowing*

Supporting your investment and debt consolidation requirements  

The Federal Government has launched the SME Recovery Loan Scheme, Phase Three of the SME Guarantee Scheme.

The SME Recovery Loan Scheme is designed to support economic recovery,  to provide continued assistance to eligible small and medium enterprises (SME) impacted by COVID and to support eligible flood affected businesses.

For businesses, this means access to finance for a broad range of business purposes including to support investment, and to refinance any pre-existing debt of an eligible borrower or from previous SME Guarantee Scheme Phases.

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

About the Scheme

The Government SME Recovery Loan Scheme is available to eligible new and existing BOQ Specialist clients.
 

  • Maximum lending limit of $5 million per ABN holder (inclusive of any lending under the scheme with other eligible lenders)
  • Secured business term loans (excluding residential property)
  • Can be used for a broad range of business purposes, including to support investment, acquisition of another business, refinance of any pre-existing debt of an eligible borrower, including those from Phases 1 and 2 of the SME Government Guarantee Scheme
  • For further information and eligibility rules, please visit SME Recovery Loan Scheme.

Lending cannot be used to purchase residential property or purchase financial products or be on-lent to an associated entity.

Who is eligible?

Small to medium businesses and not-for-profit organisations who meet the following requirements are eligible to apply:

  • Are existing or new to bank borrowers, including self-employed and not-for-profit; and
  • Are carrying on a business, or be a not-for-profit organisation, and have a valid registered ABN; and
  • Have an annual business turnover less than $250m in the 2019-2020 financial year and likely to be less than $250m in the 2020-21 and 2021-22 financial years; and
  • Have been adversely economically affected by the Coronavirus pandemic; or
  • Have been adversely economically affected by the flooding in March 2021 and be a business located or operating in the relevant flood-affected Local Government Areas (LGAs).

Loan must be approved and loan documentation (including borrowing declaration) signed and returned to BOQ  Specialist by 31 December 2021.

 

What is BOQ Specialist offering

  • Up to $5 million SME Recovery Loan Scheme lending per business entity ABN*
    • Minimum loan amount of $20 000
  • Commercial property, goodwill and practice purchase loans
    • Loan terms up to ten years
    • Up to 100% Loan to Value Ratio (LVR) for owner occupied commercial property*
    • Up to 85% Loan to Value Ratio (LVR) for investment commercial property*
    • Interest only repayments available for up to ten years for commercial property loans and up to three years for goodwill and practice purchase loans^
    • Low variable interest rates^
    • No establishment fee and no ongoing fees^
    • A ‘lease doc’ option for investment commercial property with reduced documentation requirements for LVRs up to 70%^
    • Option of a repayment holiday for the first 12 months^^
    • The facility is repayable at the expiry of the loan term. There is an option to review the loan structure at the end of the term, subject to relevant credit and other approvals at the time.
  • Motor vehicle, equipment and fit-out loans
    • Loan terms up to seven years via chattel mortgage
    • Low fixed interest rates^
    • Option of a repayment holiday for the first 12 months^^

Enquire now

 

You may also be interested in:

Managing your finances during COVID-19 webinars

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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.

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Want to find out more?

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

 

  1300 160 160

 

Enquire now

 

 

Useful links

Talk to one of our financial specialists today for more information
 

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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.

      For target market determinations please click here.

      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.

      *Subject to credit approval. 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”). Terms and conditions, fees and charges, lending and eligibility criteria apply. 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. You should obtain independent financial, tax and legal advice as appropriate. BOQ Specialist has the right to change or cancel these relief measures at any time without notice. Available information current at 1 October 2021.

      ^Available only for variable commercial property or goodwill loan products. Not available for residential security, self-managed super funds or to extend or increase any non- Scheme lending. Loan documentation must be returned and held by BOQ Specialist before 5.00pm AEST on 31 December 2021. Loan establishment fee will be waived on eligible commercial property and goodwill transactions, excluding legal and valuation costs. Other fees and charges may apply. Your actual interest rate may vary depending on the size of your loan, security being offered and full credit assessment of your application for finance. A margin may also apply. If you meet our lease doc criteria, the maximum interest only term will be the lesser of ten years or the remaining lease term minus one year. Where the remaining lease term minus one year is five to nine years, the maximum IO term will be five years. These offers cannot be taken in conjunction with or in addition to any other packages, negotiated interest rates or special offers.

      ^^ Repayment holiday of 12 months is where the interest is capitalised over the repayment holiday period. Interest capitalisation is the addition of unpaid interest to the outstanding loan balance. The outstanding loan balance will increase when payments are postponed during periods of deferment and where unpaid interest is capitalised.