CommBank SME Restarter Loan
You can borrow up to $5 million to help your business recover from the coronavirus pandemic or the March 2021 floods.
The CommBank SME Restarter Loan provides businesses and sole traders access to a loan of up to $5 million. The rates range from 2.6% p.a. and 3.75% p.a. and will vary based on your choice between the secured and unsecured options, and also whether or not you opt for a repayment holiday. The loan may be repaid over a period of up to 10 years.
The Australian government will secure 80% of this loan and you will need to either choose the unsecured option or secure the remainder. While these rates are low for a business, be sure to compare them with other business loans to ensure you’re getting the best deal.
No approval or administrative fees
Max. Loan Amount
Up to 10 years
|Product Name||CommBank SME Restarter Loan|
|Min. Loan Amount||$10,000|
|Max. Loan Amount||$5,000,000|
|Upfront Fee||No approval or administrative fees|
|Loan Term||Up to 10 years|
Enquire about the CommBank SME Restarter Loan
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Am I eligible for the SME Restarter Loan?
In short, if your business was impacted by the coronavirus lockdown or the March 2021 floods, then it is eligible for this loan. This applies even if your business accessed Phases 1 and 2 of the SME Recovery Scheme.
The specific criteria for the CommBank SME Restarter Loan are:
- If your business has an annual turnover of less than $250 million.
- A valid ABN and if your business has been operating for more than 12 months.
- If your business is located and operating within Australia.
- If your business has operations within areas impacted by the March 2021 floods. A complete list of LGAs can be found on the treasury’s website.
While having previously accessed JobKeeper was a criteria, this no longer applies as of 1 October 2021.
What can I use this loan for?
- Consolidating existing loans
- Acquiring new business assets or property
- Creating working capital
- Acquiring a new business
- The purchase of any financial products
- Lending to a related organisation
- Purchasing residential property
- Renting used assets that have exceeded more than half their estimated life span
Key features of the CommBank SME Restarter Loan
- Low, variable rates ranging from 2.6% p.a. and 3.75% p.a.The option to defer repayments for 6 or 12 months. This will increase the interest rate owed.
- A 0.20% discount on business Asset Finance vehicle and equipment loans.
How to apply
Your specific circumstances and needs will need to be taken into account, so click "Enquire Now" at the top of the page and it will get back to you within 1-2 business days.