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SME Loan Recovery Scheme

Businesses with a turnover of up to $250 million may be eligible for government backed, low cost bank loans of up to $5 million from participating lenders.

Small to medium sized business who have been financially impacted by COVID-19 may be eligible for government backed, low-cost bank loans of up to $5 million from participating lenders.

Who is eligible? 

Businesses with a turnover of up to $250 million and which have been adversely financially impacted due to COVID-19 can access loans until 30 June 2022. 

Benefits of the scheme 

The loans can be used for business purposes, including refinancing existing loans, investing or purchasing commercial property. Additionally, the loans will be offered on favourable terms and will include a Government guarantee of up to 50% of the loan amount. 

Fees and interest rates will be determined by the lender, however interest rates will be capped at around 7.5%. 


There are some limitations on what the loans can be used for. Businesses are unable to use the loan to:

  • purchase residential property, 
  • purchase financial products, 
  • lend to an associated entity or lease, or 
  • rent, hire or hire-purchase any existing asset which is more than half way into their effective life. 

What does ‘adversely financially impacted’ mean? 

Businesses have been adversely impacted by COVID-19 in many ways, for example, a decline in business income. 

On application, the lenders will assess your eligibility by looking at your business’s financial situation and the documentation to support your application.  Your lender may require you to complete a declaration attesting to the fact that there has been a financial impact on the business.

For further information about what lenders will require as part of the application process, we recommend contacting your preferred participating lender.  

Which lenders are participating in the scheme? 

Businesses can apply for the loan through a wide range of lenders, including: 

To find out more about the Scheme, including the full list of lenders.


To find out more, contact HIA's Contracts and Compliance team

Email us

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