SME Recovery Loan Scheme expanded to help beat lockdown slump

By Niko Iliakis · · 2 min read
Fact Checked
Advertiser disclosure
Small business owner.

In a bid to help small businesses struggling to keep afloat amid ongoing lockdowns and border closures, the federal government has announced it will be expanding the eligibility criteria of the SME Recovery Loan Scheme.

Under the scheme, small businesses impacted by COVID-19 can access low-rate loans of up to $5 million through participating lenders, on the condition that their annual turnover does not exceed $250 million.

Initially only available to flood-affected businesses and those which received the JobKeeper wage subsidy in the March quarter of 2021, the scheme has been amended to remove these requirements.

NAB executive, Andrew Irvine said making the scheme more widely available will go a long way towards restoring business confidence.

“The SME Recovery Loans are a good option for businesses who need additional capital at this time and expanding the eligibility criteria is a positive step.”

RELATED: Businesses investing in new assets at record pace

Westpac chief Peter King also welcomed the expansion, urging struggling business owners to contact their bank or lender to determine their eligibility for the scheme or discuss other solutions.

“We know many small businesses are doing it tough and this important initiative provides further assistance directly to small businesses,” he said.

“We encourage any business customers worried about their finances to give us a call so we can work through what help may be available for them.”

Along with access to low-rate finance, the big banks have rolled out a number of measures to assist Australian businesses. These include deferrals on loan repayments, debt restructuring options, and waived costs for early withdrawals on term deposits.

Many banks also provide case management support for small business customers experiencing financial difficulty.

The full list of lenders participating in the SME Recovery Loan Scheme can be found on the Treasury website . For financing options, browse our business loans comparison page, where you’ll be able to weigh up offers from bank and non-bank lenders.

Business loan comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 81 products
Last updated 25 May 2025Important disclosures

Refine the list of business loans

Let’s help find you a great business loan...
  • About ScotPac
    Boost Business Loan

    Whether you’re looking for a quick cash boost for your business or are ready to invest in growth, ScotPac offers a range of unsecured and secured loans from $10,000 up to $500,000. For loan terms of 6 months to 3 years. No application or account keeping fees to pay. Funds available in 24 hours or less once approved. Repayment options available.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    Details on application
    From 24 hours
    Go to site
    Details
  • About Prospa
    Prospa Plus Business Loan

    Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

    Interest Rate
    Upfront Fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Go to site
    Details
  • About Bizcap
    Unsecured Business Loan

    Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    3%, starting at $399
    from 3 hours
    Go to site
    Details
  • About Regional Australia Bank
    Mortgage Secured Commercial Loan

    Use your property as collateral to meet your business needs. Offers repayment terms up to 30 years for residential security and 15 years for commercial/rural security. Provides interest rates that are tailored to your business needs. Choose from Principal & Interest, Interest Only, or Interest in Advance repayment options.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    On application
    Varies
    Find out more
    Details
  • About Regional Australia Bank
    Self Managed Super Fund Loan

    A loan to help your fund grow. Borrow for up to 25 years for residential properties or 15 years for commercial or rural properties. No monthly service fees, so you can save more for your retirement. Approval fee applies.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    $1,500
    Varies
    Find out more
    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.