SME Support Loan
How Suncorp is helping our business customers
Suncorp is offering businesses with annual turnover of less than $50 million, a secured term loan of up to $1 million or an unsecured term loan of up to $250,000 (both with a maximum term of up to five years) for applications unconditionally approved by 30 June 2021.
- Secured or unsecured variable Business Essentials term loan
- Maximum loan amount of up to $1 million for secured lending or $250,000 for unsecured lending (subject to lending criteria)
- Minimum loan amount of $20,000 for both secured and unsecured lending
- Lending is limited up to $1 million per borrowing entity/ABN. Phase 1 SME Support Loans are excluded from this limit.
- Maximum loan term of up to 5 years
- Reduced variable interest rates from 2.79% p.a. for secured loans and from 4.99% for unsecured loans. Further details are below:
|Loan Amount||Interest Rate|
|$20,000 to $250,000||3.29%|
|$250,001 to $500,000||2.99%|
|$500,001 to $1,000,000||2.79%|
|Loan Amount||Interest Rate|
|$20,000 to $50,000||6.99%|
|$50,001 to $100,000||5.99%|
|$100,001 to $250,000||4.99%|
- Repayments can be Principal & Interest or Interest Only. Secured loan repayments may be structured over a notional term of up to 25 years (i.e. residual amount payable at expiry of Term). Unsecured loans must be fully amortised over 5 years
- No establishment or monthly account keeping fees
- Progressive draw available
- Cashback/redraw and mortgage offset are not available
- Additional payments allowed with no early payout fees applicable
- For secured lending, residential property collateral cannot be accepted
- For unsecured lending, Director’s guarantees will apply
The key eligibility criteria under the Australian Government SME Guarantee Scheme rules are noted below:
- Businesses who are based and operating in Australia, and registered with an ABN
- Annual turnover of less than $50 million Acceptable Purposes
- Business purposes only
- Refinance of an existing Scheme-Backed Loan provided by Suncorp or another lender
Loans are not to be used to:
- Purchase Residential Property
- Purchase a Financial Product
- Refinance any existing debt (both internal and external), other than refinance of a Scheme-Backed Loans
- Provide a loan to an associated entity
- For the lease, rent, hire or hire purchase of existing assets that are more than half-way into their effective life.
We have created a simple Pre-Qualification tool to quickly provide an indication of whether a customer may be eligible for the Government SME Guarantee Scheme Loan. Please note that further credit assessment will be undertaken and therefore any indication of eligibility does not necessarily mean that a customer will automatically qualify for the loan.
How can you apply for the new Government SME Guarantee Scheme Loan on a customer’s behalf?
Specific documents have been created to assist in applying for the Government SME Guarantee Scheme Loan:
- Government SME Guarantee Loan Application form
- Actual Documentation Requirement (ADR) form – Government SME Guarantee Scheme
- SME Declaration
To apply for the loan, you must provide the completed SME Support Loan application form (see below) with the required supporting documents to firstname.lastname@example.org. Applications will not be accepted via Apply Online.
Please note that we are unable to process applications submitted on the standard Small Business Application Form.
Other Important Information
The Government SME Guarantee Scheme Loan will be available for approved applications until 30 June 2021.
Note that the existing commission structure that applies to the Small Business Essentials product will also apply to this loan for both upfront and trailing commission.
For more information, contact your Small Business & Commercial BDM.