BOQ SME Recovery Loan Scheme Business Loan

This loan of up to $5,000,000 aims to help businesses recover from the coronavirus pandemic and March 2021 floods.

No approval or administrative fees

Upfront Fee


Max. Loan Amount

Up to 10 years

Loan Term

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!


Product NameBOQ SME Recovery Loan Scheme Business Loan
Min. Loan Amount$20,000
Max. Loan Amount$5,000,000
Loan SecuritySecured
Upfront FeeNo approval or administrative fees
Loan TermUp to 10 years

The Bank of Queensland (BOQ) SME Recovery Loan Scheme Business Loan is designed to support businesses that were negatively impacted 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 based on your needs, and you will have to contact BOQ directly to discuss this and discover your rate.

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

Is my business eligible for the SME Recovery Scheme?

As the scheme is aimed to support small and medium enterprises that were adversely affected by the coronavirus pandemic or the March 2021 floods, the eligibility criteria are broad and include those that accessed phases 1 and 2 of the SME Recovery Scheme.

Businesses are eligible to apply for the BOQ SME Recovery loan if they:

  • Are a business, sole trader or not-for-profit with a valid registered ABN.
  • Have annual business turnover in the 2019-2020 financial year of <$250m and likely to be <$250m in the 2020-21 and 2021-22 financial years, and
  • Be adversely economically affected by the Coronavirus Pandemic, or
    Have been adversely economically affected by the flooding in March 2021 and are a business located or operating in the relevant flood-affected Local Government Areas (LGAs).
  • Are approved and have all documentation signed and returned to BOQ by 31 December 2021

The former requirement of having accessed JobKeeper no longer applies as of 1 October 2021.

What can I spend this money on?

  • Refinancing current loans
  • Buying business-related assets such as equipment, furniture or vehicles
  • Providing working capital
  • Purchasing commercial property
  • The acquisition of another business

What can't I spend this money on?

  • Acquiring residential property. Businesses such as motels do not count as residential property
  • The purchase of financial products, such as investments or insurance
  • Lending to an associated entity
  • Leasing or hiring assets that are over half-way in their effective lifespan

What counts as residential property?

Residential property in this loan is defined as a property that is owned for non-commercial reasons, such as hotels, boarding houses or caravan parks. This does not include a residence that is being rented out. If you are unsure, consult with BOQ directly.

Key features of the BOQ SME Recovery Loan Scheme Business Loan

  • No application or monthly service fees
  • A low, variable interest rate. Discuss this directly with BOQ to determine yours
  • The ability to defer payments for up to 12 months. However, interest still accrues over this period and gets added to the loan balance
  • Up to 100% loan-to-value ratio will be considered if your owner occupied home loan is with BOQ
  • The ability to review the loan structure at the end of the loan term

How to apply

Make an enquiry with BOQ to discuss your situation and needs. After this, a representative will contact you with your proposed rates and terms.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site