SME Guarantee Scheme 
Unsecured Business Loan

Support your cash flow needs through the upcoming months during the COVID-19 pandemic

The Federal Government has launched the Coronavirus SME Guarantee Scheme to provide small and medium enterprises (SME) with access to additional funding to help support them through the upcoming months of the pandemic.

Under the Scheme, the Government will provide BOQ with a guarantee of 50% of new unsecured loans to be used for working capital. The Government has set eligibility criteria for participation in this Scheme.

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

Who is eligible?

Small to medium business and not-for-profit organisations who:

  • Have expected current or actual previous year annual turnover of <= $50 million
  • Have been carrying on a business, or is a not-for-profit body, in a previous year or current year and have an ABN
  • Need support for current and upcoming cash flow needs (including working capital, liquidity and operating expenditure)
  • Have not received a Government Scheme loan of $250 000 through another financier.

What is BOQ Specialist offering?

A Business One Account with overdraft

Up to $250 000* limit per business entity ABN

A minimum limit of $20 000

Loan term of up to 2 years

No establishment fee or ongoing fees

No repayments for the first 6 months. Interest will accrue and be capitalised. If the limit is exceeded as a result of interest capitalisation, the excess must be repaid after the initial 6 month period

A reduced variable rate of 5.55% p.a.

Interest only after 6 months for the remainder of the term

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

Full access to funds via online banking and a business debit card

Ability to link merchant terminal to better manage cashflow

At the end of the 2 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

What you need to do

Clients who do not have a Business One Account with overdraft will need to:

Clients with an existing Business One Account with overdraft will need to:

Additional guidelines

If you already have a Business One Account 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.

Ready to apply?

Please contact your dedicated financial specialist directly or call the number below:

Useful links

Note: Not all clients will be eligible for this unsecured working capital loan and you should contact your dedicated financial specialist to understand what other relief options are available.

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 6 April 2020.

* Subject to approval. Lending criteria applies. Loans must be formally approved by 31 December 2020.