Business loan

Review and Fees of the BOQ SME Recovery Loan Program

The Bank of Queensland (BOQ) SME Recovery Loan Program Business Loan is designed to support businesses that have been negatively affected by COVID-19 with a low rate variable loan of up to $ 5,000,000 , to be repaid over a period of up to 10 years. This rate will be evaluated according to your needs, and you will need to contact BOQ directly to discuss it and find out your rate.

80% of this loan is guaranteed by the Australian government, with partial or fully guaranteed options available for the remainder.

Is my company eligible for the SME Recovery Scheme?

Since the program aims to support small and medium-sized businesses that were affected by the coronavirus pandemic or the March 2021 floods, the eligibility criteria are broad and include those that have accessed phases 1 and 2 of the program. relaunch of SMEs.

Companies are eligible to apply for the BOQ PME Recovery loan if they:

  • Are a business, individual or non-profit trader with a valid registered ABN
  • Are likely to have sales of less than $ 250,000 in fiscal years 2020-21 and 2021-22
  • Have operations in areas affected by flooding. A complete list of LGAs is available on the treasury website
  • Are approved and have all documents signed and returned to BOQ before December 31, 2021

The old condition of having accessed JobKeeper no longer applies as of October 1, 2021.

What can I spend this money on?

  • Refinancing of outstanding loans
  • The purchase of assets related to the business such as equipment, furniture or vehicles
  • Provide working capital
  • Buying a commercial property
  • Acquiring another business
  • Acquisition of residential property. Businesses such as motels do not count as residential properties
  • The purchase of financial products, such as investments or insurance
  • Loan to an associated entity
  • Rent or lease assets that are more than half of their effective life

What counts as residential property?

Residential property in this loan is defined as property that is owned for non-business reasons, such as hotels, guesthouses or trailer parks. This does not include a residence that is rented. If you are not sure, consult BOQ directly.

Main features of the BOQ SME recovery loan program

  • No administration fees or monthly service fees
  • A low and variable interest rate. Discuss it directly with BOQ to determine yours
  • Possibility of deferring payments for up to 12 months. However, interest still accrues over this period
  • A loan-to-value ratio of up to 100% will be considered if your owner-occupied mortgage is with BOQ
  • The possibility of reviewing the loan structure at the end of the loan term

How to register

Apply to BOQ to discuss your situation and your needs. After that, a representative will contact you with your proposed rates and terms.

What counts as residential property?

In short, a residential property is a property that is used as living space for non-commercial purposes. This means that the loan can be used for commercial residential purposes, such as hotels, guesthouses or trailer parks. If you are not sure, consult BOQ directly.