Westpac backs small business to reopen and recover with SME Recovery Loan offer

Westpac

Westpac has today announced the expansion of its low interest rate offer for customers under the Federal Government’s SME Recovery Loan Scheme to help Australian small businesses impacted by the pandemic recover and grow.

From the 1st of October 2021, new and existing small business customers who meet the eligibility conditions can access variable interest rates from 2.58% p.a.

“Under the expanded Scheme more Australian businesses can now access the low-rate loans with the option of deferring repayments to give them time and breathing space to get back on their feet,” said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.

“The SME Recovery Loans will not only assist businesses feeling the impact of current lockdowns but will also help those preparing to reopen and grow.

“We are encouraged by the latest vaccination figures and are confident our economy will quickly move back to growth once lockdowns have ended.

“Australian businesses have had everything thrown at them in the last couple of years but have shown remarkable resilience. We are committed to continuing to support them through this difficult time and are optimistic about the future,” said Mr de Bruin.

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