SME Guarantee Scheme products

Unsecured business finance up to $250,000

1300 972 654

Working capital
to support cash flow

As a participating lender in the Government Coronavirus SME Guarantee Scheme, we’ve adapted our products to meet the needs of the broker market, giving your business clients the choice and certainty to meet cash flow requirements through these uncertain times.

For emerging and established businesses
No repayments for the first 6 months, with interest capitalised
Loan terms up to 3 years or revolving
Available until 30 September 2020

Business Overdraft

A revolving facility for established businesses

Term Loan

For established businesses

Working Capital Facility

For emerging businesses

Business Overdraft

A revolving facility for established businesses

Time in business

3 years+

Turnover

$250,000+

Min Equifax score

600

Loan amount

Up to $250,000

Repayments

No minimum payment required for initial 6 months, with interest capitalised to the balance

Term

Revolving

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Term Loan

For established businesses

Time in business

3 years+

Turnover

$250,000+

Min Equifax score

600

Loan amount

Up to $250,000

Repayments

Initial 6-month repayment deferral, with capitalisation of interest. Weekly or monthly P&I repayments thereafter

Term

3 years

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Working Capital Facility

For emerging businesses

Time in business

12 months+

Turnover

$100,000+

Min Equifax score

500

Loan amount

Up to $250,000

Repayments

Initial 6-month repayment deferral, with capitalisation of interest. Weekly or monthly P&I repayments thereafter

Term

3 years

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Scheme Eligibility

  • For businesses with up to $50 million in annual business turnover
  • Can be used to support current and upcoming cash flow needs (including working capital, liquidity and operating expenditure)

Other business finance options

If a Scheme Loan is not the right option for your customer, explore our full range of business loans or speak to your BDM.

Interest capitalisation and deferred payments explained

You still pay the interest on the loan, however it is deferred for the initial loan period

Under the Scheme, the first 6 months interest will be deferred and capitalised. Interest capitalisation means you still pay the interest on the loan, however it is deferred for the initial loan period.

One of the impacts of deferring payments, is that you’ll end up paying more interest than you would have if your repayments weren’t deferred. This is because during the 6-month deferral period, the interest and fees you usually pay will be added to your outstanding balance, which you will pay off over the remaining term.

Scheme loans cannot have a scheduled repayment in the first 6-months. However, you can choose to pay down part or all your balance to save on interest.

Download SME Guarantee Scheme Toolkit

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Toolkit Download

Access non-branded flyers and email templates ready to be sent to customers. Download here.

Faster credit decisions.
Less paperwork.
Better outcomes.

We use Bank Connect to facilitate credit decisions which saves time and paperwork. Seamlessly link any business transaction accounts, with the highest level of security.  

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Frequently asked questions

The FAQs below will help with your customer enquiries.
For more information about the SME Government Guarantee Scheme Download the fact sheet

What business loan products can I apply for under the Scheme?
You can apply for a Business Overdraft, a Term Loan or a Working Capital Facility. The Business Overdraft is a revolving facility, where you only draw down on what you need and incur interest (deferred for the first 6 months) on the amount used. The Term Loan and Working Capital Facility give you immediate access to your approved funds in one lump sum, with an online redraw option.
What are the conditions for qualifying?
Loans will be subject to GetCapital’s credit assessment. The program has been developed to provide support for viable small and medium-sized businesses with up to $50 million in annual business turnover that are facing challenges due to disrupted cash flow because of the coronavirus. Each facility under the Scheme has its own credit criteria, including minimum time in business, annual business turnover and Equifax score.
What is the eligibility criteria?
In general, the Scheme applies to businesses with up to $50 million in annual business turnover, for new facilities. Funds can be used to support current and upcoming cash flow needs (including working capital, liquidity and operating expenditure). Businesses must apply before 30 September 2020 to qualify.
What is the maximum loan amount?
The maximum loan amount under the Government Scheme is $250,000. The aggregate of all loans under the scheme cannot exceed $250,000 to any individual ABN. ABNs and limits are registered with the Treasury and the borrower needs to make a declaration about other debt at the time of executing the contract. Loan amounts over the scheme limit can be considered under a separate contract for GetCapital’s regular products with standard credit criteria and no repayment deferrals.
What is the interest rate?

Interest rates apply depending on your business circumstances. Call us on 1300 249 649 to discuss your business.

What can I use the loan for?
Funds can be used to support current and upcoming cash flow needs including working capital, liquidity and operating expenditure.
How does interest capitalisation work?
For the first 6 months, interest will be deferred and capitalised. Interest capitalisation means you still pay the interest on the loan, however it is deferred for the initial loan period. The interest is added to the balance outstanding so it can be deferred to a later payment. If you do not wish to defer interest payments, talk to us about our standard products.

For the Business Overdraft, no minimum payment will be required for the initial 6 months with interest capitalised to the balance. Interest will be calculated daily on the balance that is outstanding over the 6 months, and then added to the balance at the end of this deferral period.

Can I make repayments on my loan in the initial 6-month period?
Under the Scheme, loans can not have a scheduled repayment. However, over this period you can choose to pay down part or all of your balance to save on interest.
What are the impacts of deferring payments?
One of the impacts of deferring payments, is that you’ll end up paying more interest than you would have if your repayments weren’t deferred. This is because during the deferral period, the interest and fees you usually pay will be added to your outstanding balance, which you will pay off over the remaining term.
What fees apply?

Direct debit fees will be charged on the Term Loan and Working Capital Facility, not on the Business Overdraft. An annual fee of $395 applies to the Business Overdraft.

What if I’m already a GetCapital customer?
The program is for both new and existing GetCapital business customers. If you’re an existing customer, this facility cannot be used to replace or refinance existing loans.
Can I apply for other GetCapital loan products?

If you’re interested in other GetCapital business finance products not covered under the SME Guarantee Scheme, view our product pages or call us on 1300 249 649 to discuss the range of solutions for your business.

How does Bank Connect work?

We use a proprietary technology called Bank Connect to retrieve bank statement data in encrypted form, creating less paperwork and facilitating faster credit decisions. See Bank Connect.

Find out more

1300 972 654

partners@getcapital.com.au

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