SME Recovery Loan Scheme

This program provides small and medium-sized businesses with guaranteed loans to help their business recover from the impacts of the coronavirus crisis.

The grant is no longer available

What you get?

Loan of up to $5 million.

Who is this for?

Small and medium-sized businesses.


The SME Recovery Loan Scheme enables small and medium-sized enterprises (SMEs) to access funding to get through the impact of coronavirus, recover and invest for the future. The Australian Government works with lenders to:

  • enhance lenders’ ability to provide cheaper credit
  • ensure that eligible businesses have access to finance to maintain and grow their business.

What are the eligibility criteria?

The scheme is open to SMEs with a turnover of up to $250 million that either:

  • the recipient of a JobKeeper payment between 4 January 2021 and 28 March 2021 (a JobKeeper Scheme-Backed Loan can only be approved under this eligibility prior to the Scheme Expansion date of 1 October 2021)
  • affected by the floods in eligible Local Government Areas in March 2021 (a Flood affected loan can only be approved under this eligibility prior to 1 January 2022)
  • adversely economically affected by COVID-19 (a Covid Scheme-Backed Loan can be approved under this eligibility from the Scheme Expansion Date of 1 October 2021).

Self-employed individuals and non-profit businesses are eligible. Businesses that have accessed loans in Phase 1 and Phase 2 can also apply for loans under the scheme.

Upcoming changes to eligibility

On 25 August 2021, the Government announced that the current requirements to have received JobKeeper or be a flood-affected business will be removed. Once these changes become effective, the rules will be updated and loans will be available through participating lenders.

How do you apply?

You can apply for the loans through participating lenders. Find out more about eligibility, applying and participating lenders at SME Recovery Loan Scheme.

Contact information