Updated 22 July 2020

Under the Coronavirus SME Guarantee Scheme co-operatives and mutuals will be able to apply for unsecured loans of up to $250,000 from approved lenders that are 50% guaranteed by the government. The loans are intended to support ongoing payment of operational costs like rent and wages. Loan terms will be up to three years, with an initial 6 month repayment holiday.  


  1. You must still be operating a business or not-for-profit and have an ABN 
  2. Your annual turnover in the previous financial year or expected turnover this financial year is less than $50 million  
  3. You meet the credit assessment criteria of the lender you apply with 


How to apply 

To apply, co-operatives and mutuals should contact their financial institution. A number of mutual financial institutions are participating in the scheme and can be contacted, including:

·       Australian Mutual Bank

·       Bank Australia

·       Bank of us

·       Community First Credit Union

·       First Choice Credit Union

·       Goulburn Murray Credit Union

·       Heritage Bank

·       Hume Bank

·       Illawarra Credit Union

·       IMB Bank

·       Laboratories Credit Union

·       Police Credit Union

·       Queensland Country Bank

·       Regional Australia Bank

·       South West Credit Union

·       Southern Cross Credit Union

·       Summerland Credit Union

·       The Capricornian

·       The Mutual Bank

·       Unity Bank

·       WAW Credit Union

The Scheme will commence early in April and initially was to run until 30 September. As of 21 July, the Government has extended the scheme until 30 June 2021 with some enhancements from 1 October 2020.

Enhancements to the scheme from 1 October 2020

From 1 October 2020, the scheme scope will be expanded in the following ways to encourage its use beyond immediate working capital needs:

  • Loans can be used for a broader range of purposes
  • The maximum loan size will be increased to $1 million
  • Loans can be up to 5 years rather than 3 years and whether there will be a six month repayment holiday will be at the discretion of the lender. 
  • A loan can be either unsecured or secured (excluding commercial or residential property). 

More information about the Scheme 

How can BCCM help?

For members: 

  • Join the coronavirus member group – email media@bccm.coop Attn: Steph Newman 

Information about becoming a member: 


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