Westpac announces low interest rate loans for small businesses as part of SME Recovery Loan Scheme

Westpac

Westpac has extended its support for small businesses impacted by the COVID-19 pandemic through releasing new low interest rate loans as part of the Federal Government’s SME Recovery Loan Scheme.

Businesses impacted by the recent floods are also encouraged to apply for finance under the Scheme.

From today, eligible new and existing small business customers can access the following loans:

  • 2.58% p.a. interest rate for 3 or 5 year fully secured variable loans1.
  • 3.48% p.a. interest rate for 10 year fully secured variable loans1.

“The Federal Government’s SME Recovery Loan Scheme will provide a lifeline to businesses that need more time and support to get back on their feet following the impacts of the COVID-19 pandemic and floods,” said Westpac Chief Executive Consumer & Business Banking, Chris de Bruin.

“Small business is the engine room of the Australian economy and it is essential we stay the course to help these businesses keep going and growing as part of Australia’s broader economic recovery.

“This targeted support is needed for sectors and geographies that are still facing ongoing challenges due to the effects of the pandemic. The new loans give small businesses access to low-rate finance, with the option of deferring repayments, to provide further breathing space for business owners.

“From tourism operators in Queensland, to hospitality business owners in South Australia, we have had strong interest from customers in accessing the SME Recovery Loan Scheme to help them get through the challenges ahead,” said Mr de Bruin.

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