Zero-interest loans are now available for eligible Australian businesses. Here is what the program covers, who qualifies, and a question being raised about who is being left out.
What’s happening: The Australian Government’s $1 billion Economic Resilience Program opened for applications on 20 April 2026, offering zero-interest loans of up to $5 million to eligible businesses in freight, fuel, fertiliser, plastics, and other critical supply chain sectors.
If you run a business in freight, logistics, fuel distribution, fertiliser, plastics manufacturing, or any sector with significant exposure to fuel and supply chain costs, there is a government program open right now that you need to know about.
The federal government’s $1 billion Economic Resilience Program opened for applications on 20 April, offering zero-interest loans of up to $5 million to eligible Australian businesses hit by rising fuel costs and supply chain disruptions flowing from the conflict in the Middle East. The program is drawn from the $15 billion National Reconstruction Fund and is administered through the National Reconstruction Fund Corporation.
It is one of the most significant government interventions for Australian businesses since the COVID-era SME Guarantee Scheme. And like that scheme, it is already prompting questions about who can access it and who cannot.
What the program offers
The Economic Resilience Program provides zero-interest loans with a term of up to two years. These are loans, not grants. The principal must be repaid in full and standard bank fees apply, but no interest is charged for the life of the loan. For a business borrowing $5 million at current commercial rates, the interest saving over two years is material.
The program is designed to support manufacturers and logistics companies facing increased pressure in areas such as fuel, fertiliser, plastics, and freight. Applications through the bank-administered part of the program will remain open for six months from the 20 April launch date. The Australian Industry Group welcomed the program at launch, with Chief Executive Innes Willox describing it as a pragmatic and timely response to the pressures businesses are experiencing, particularly in fuel-dependent and plastics-intensive sectors.
Who can apply
To be eligible for the bank-administered program, a business must have annual turnover of $100 million or less and be seeking a loan of up to $5 million. Applications are decided by participating banks according to guidance supplied by the NRFC. Businesses seeking loans of more than $5 million, or with turnover above $100 million, apply directly through the NRFC rather than through a bank.
The banks currently participating in the program are ANZ, Commonwealth Bank, National Australia Bank, Westpac, Bendigo Bank, and Bank of Queensland. The NRFC has indicated more lenders may be added over time. ANZ has confirmed its minimum loan size under the program is $10,000. Businesses are encouraged to contact their relationship manager as early as possible, with the ABA noting that funds are limited.
The access gap
The restriction to major and regional banks is drawing scrutiny from the non-bank lending sector. Moneytech, a non-bank lender focused on SME finance, has welcomed the program but raised a direct question about its design. CEO Nick McGrath says the program’s reach could be significantly extended by opening it to non-bank lenders.
“This is a well-designed program tackling a real problem, and the Government deserves credit for acting quickly,” McGrath said. “Our question is a constructive one though, if the objective is to get capital into the hands of as many eligible Australian SMEs as possible, as quickly as possible, why limit delivery to the major banks?”
McGrath points to the growth of non-bank lending to SMEs since the pandemic as the core of the argument. “Non-bank lenders are now a core part of how Australian SMEs access finance,” he said. “The Reserve Bank of Australia itself has noted that the non-bank share of SME lending has grown strongly since 2022, particularly for smaller loans driven by demand from SMEs for faster decisions, more flexible criteria and funding options the majors don’t offer. Many of the businesses this program is designed to help already rely on non-bank lenders for their day-to-day finance.”
The precedent McGrath points to is the COVID-era SME Guarantee Scheme, under which non-bank lenders including Moneytech were accredited to deliver loans alongside the major banks. “The SME Guarantee Scheme worked because the Government recognised that a diverse group of lenders would reach a broader group of businesses,” he said. “That logic hasn’t changed. If anything, the role non-banks play has grown significantly since then.”
Finance brokers are central to the same argument. Moneytech notes that brokers are the primary distribution channel for SME funding across Australia and were key partners in getting COVID-era loans to businesses quickly. “Brokers are often the first call a business owner makes when conditions tighten,” McGrath said. “They understand their clients’ operations and can quickly determine whether a business is best supported by a bank, a non-bank lender, or a combination of both. Any program designed to move capital fast should be built around the channels SMEs actually use and brokers are central to that.”
What needs to change
Moneytech has called on the Government and the NRFC to open consultation with the non-bank sector on how lenders outside the majors can be accredited to participate in the program, and says it will engage directly with relevant ministers and officials.
McGrath is clear the argument is not about replacing the banks. “This is about giving Australian businesses more choice not fewer,” he said. “The SMEs running fuel distribution, logistics, fertiliser supply and manufacturing operations aren’t a monolithic group. Some bank with the majors; many don’t. A program that genuinely supports the breadth of Australian industry should be accessible through the breadth of Australian lenders.”
For SME owners in eligible sectors, the immediate priority is straightforward. If you bank with one of the six participating institutions, contact your relationship manager now and ask about eligibility. The program is open, the window is six months, and funds are limited. If you use a non-bank lender or work with a finance broker, it is worth asking them to monitor any changes to the program’s accreditation as the NRFC has indicated more lenders may be added over time.
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