Westpac enhances small business lending offer

Westpac

Westpac has today confirmed the details of its new offering under phase two of the Federal Government’s Coronavirus SME Guarantee Loan Scheme, offering attractive interest rates for small business.

To further support small businesses seeking access to lending, Westpac has launched a new online form to assist businesses with their application process.

Chief Executive of Westpac’s Business division, Guil Lima, said the new SME Guarantee Loan Scheme offer from Westpac will help small businesses looking to re-open, grow and invest.

“It remains a very challenging and uncertain time for many small businesses, as some look to re-open, others rebuild, and sadly some are undecided about their future.

“We know what an important and meaningful role small business plays in our economy and communities, which is why Westpac is doing everything we can to help them out the other side”, he said.

Product

Rate**

Up to 5 Year Fully Secured Variable

3.38%

3 or 5 Yr Fully Secured Fixed and Fully Drawn

2.94%*

Up to 5 Yr Unsecured Variable

4.48%

*A Secured Loan of up to $1 Million with a fixed interest rate of 2.94% p.a. when secured by a mortgage over owner occupied commercial real estate and you apply by 18 December 2020.

** Rates are subject to change.

The loans are available for from today, for new and existing eligible customers. To apply, visit Westpac’s business relief page or speak with your Relationship Manager.

Westpac’s support for businesses includes:

  • Developing a COVID-19 response package for business customers and expanding this to support the Government’s COVID-19 initiatives over the course of the year.
  • Establishing a team of dedicated bankers, who help customers experiencing financial hardship due to COVID-19, and navigating customers back to a position of stability and growth.
  • Investing $100 million as a founding member of the Government and Industry’s Australian Business Growth Fund.
  • Finding new ways to simplify and help customers save money, by proactively helping around 37,000 businesses save on “tap and go” merchant transactions.
  • Offering busines customers a range of free financial education webinars and resources through the Davidson Institute, including tips on managing cashflow and budgeting for JobKeeper changes.
  • Develop new banker training through The Business Institute, including new modules focused on “Looking Forward” conversations in a COVID environment, lending for small business and lending for larger businesses, and health and wellbeing.
  • Supporting agribusiness customers with over $60 million in discounted loans as part of our Drought Assistance Package.

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