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Suncorp launches new loan offering for SMEs

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Reporter 1 minute read

Suncorp Bank has introduced a three-year fixed business loan offering, effective from Wednesday, 29 May.

For small-business loans between $10,000 and $149,999, Suncorp will now offer borrowers a three-year fixed rate of 4.59 per cent (4.88 per cent comparison rate).

Additionally, business loan customers will now be offered a three-year fixed rate of 4.14 per cent (4.44 per cent comparison rate) for loan sizes of between $150,000 and $999,999.  

The loan offering includes an establishment fee of $800 and an account keeping fee of $15 per month.

“We’re always looking for ways to support our small-business customers. We know now is a busy time for business owners closing out the book for the fin year in addition to planning for the year ahead, and this campaign allows customers to lock in a competitive rate over a three-year period,” a Suncorp spokesperson told The Adviser.

The spokesperson added that the changes build on the bank’s commitment to increasing its appetite for small-business lending.

Earlier this year, Suncorp pledged $3 billion of new credit for what it described as a “critical segment” in the market.

The non-major bank said it would also increase its appetite for lending with less security, with “a focus on cash flow providing greater access to bank credit for small and medium-sized businesses”.

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Speaking at the time, David Carter, CEO of Suncorp banking and wealth, said supporting small businesses across Australia was “one of the most important things the bank does because when local businesses succeed, local communities thrive”.

[Related: Suncorp pledges to support brokers through headwinds]

Suncorp launches new loan offering for SMEs
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