---
title: SME Recovery Loan Scheme | Expanded 2021
description: What you need to know about the expanded eligibility for the Federal Government's SME Recovery Loan Scheme.
image: https://blog.agredshaw.com.au/hubfs/SME%20Recovery%20Loan%20Scheme%20-%20V2.png
---

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# SME Recovery Loan Scheme | Expanded 2021

Following its initial inception earlier this year, the Federal Government has provided a further extension to eligibility requirements surrounding it’s ‘SME Recovery Loan Scheme’, supporting more small to medium businesses to mitigate the economic impacts of the COVID-19 pandemic.

Under the extended eligibility criteria, from 1 October 2021, the Scheme now provides more SME business with greater access to additional funding, removing the requirement to have received JobKeeper during the March 2021 quarter or been a business impacted by floods.

Key features of the revised Scheme highlight SME businesses (included self-employed) with a turnover less than $250 million will be able to access loans of up to $5 million over a term of up to 10 years. Loans can be unsecured of secured, with a Government Guarantee being 80% of the loan amount. An optional repayment holiday period of up to 24 months may be offered.

New loans will be available under the program until 31 December 2021.

### Other Key Details

Loans issued under the Scheme can be used to:

- refinance pre-existing loans including those from the SME Guarantee Scheme;
- support investment;
- purchase non-residential real property (such as a commercial property);
- acquire another business

Some restriction apply such as:

- not allowing loans more than 30 days in arrears to be financed;
- not allowing loans to borrowers who have entered external administration or are insolvent;
- lenders can vary or restructure loans when they continue to meet eligibility criteria (including the maximum loan term)
- lenders do not increase the loan limit after approval

Loans issued under the Scheme cannot be used to:

- purchase residential property
- purchase financial products
- lend to an associated entity
- lease, rent, hire, or hire purchase existing assets that are more than half-way into the effective life

### For More Information

For assistance in formulating an application for the Scheme, please contact the Archer Gowland Redshaw adviser team on (07) 3002 2699 | [info@agredshaw.com.au](mailto:info@agredshaw.com.au).

![Ian Walker](https://blog.agredshaw.com.au/hubfs/IW%20(2021)%20-%20HubSpot%20(1).png)

### Written by [Ian Walker](https://blog.agredshaw.com.au/author/ian-walker)

As Executive Chairman, Ian is a trusted Professional Services practitioner with over 25 years’ experience within the Accounting industry. Working closely with his clients to form long-term partnership, Ian provides high-level strategic advice across all areas of Accounting, Business Advisory, Superannuation, and Taxation. Ian is proud to partner with many SME & Family-owned businesses to provide comprehensive and bespoke strategies to help address the challenges and complexities they encounter through day-to-day operations & management.

[LinkedIn](https://au.linkedin.com/pub/ian-walker/b/884/38)

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