SME Guarantee Scheme - Unsecured Business Loan

Support your cash flow needs through 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.

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.



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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.

  • 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.

      * Subject to approval. Lending criteria applies. Loans must be formally approved by 30 September 2020.