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Media releases

Westpac launches billion-dollar Business Boost campaign


31 August 2011

Small and medium-sized businesses have a billion extra reasons to be more confident and invest in the strong fundamentals of the Australian economy with Westpac’s new Business Boost campaign.

Westpac’s Business Boost campaign will see it aim to lend $1 billion to Australian businesses by the end of September.

The Business Boost campaign offers a range of incentives for commercial businesses and small enterprises wanting to position themselves for future growth. These incentives include Westpac paying up to $20,000 in certain transition costs for business loans of $250,000 or more refinanced to Westpac. 

Westpac RBB Group Executive Rob Coombe said that Business Boost was the third stage of the bank’s extended campaign to support the future growth and prosperity of Australian businesses.

“Westpac is open for business - we want to lend one billion dollars to Australian businesses in the next six weeks,” Mr Coombe said.

“We believe that the fundamentals of the Australian economy, such as our low unemployment rate, high terms of trade and high savings rate remain sound, despite the nervousness which is apparent in economies overseas.”

Mr Coombe said that survey results show that Westpac is already the bank that business customers prefer, with Westpac being number one in customer advocacy in the small business, commercial and agribusiness segments, according to the latest survey by DBM.

“Our lending to the small and medium business segment is up in the last quarter, and we have demonstrated to our business customers that we are responsive, accessible, have the knowledge and understanding that they want. This is translating through to them feeling valued,” Mr Coombe said.

“Westpac is Money Magazine’s Business Bank of the Year for the fourth year in a row, and our Business Boost campaign is another way we are extending our lead over the competition.”

Westpac’s Business Boost offer is open to all small and commercial businesses across Australia. Incentives for commercial businesses include:

  • Fast-tracking their loan application
  • Westpac paying up to $20,000 in certain transition costs for customers refinancing from another lender

Incentives for small-business customers include:

  • 70,000 small businesses will receive a special invitation to apply for loan amounts up to $250,000, available on either Westpac’s Business Equity Access Loan or Business Loan
  • Westpac paying up to $20,000 in certain transition costs for customers refinancing from another lender

Mr Coombe said that Westpac’s new Business Boost campaign would leverage on the great results the bank saw from its recent Business Switch campaign, which saw 1600 new commercial business customers choose to change to Westpac.

“We are serious about supporting Australian businesses. If you are looking to grow your company or reposition your business to take advantage of new opportunities then we are there for you,” Mr Coombe said.

“Business Boost is our customer’s chance to lock in a great deal. We want to give our customers the confidence to get on the front foot,” Mr Coombe said.

“We want to remind our customers that we stand behind them to secure the longevity of their businesses,” Mr Coombe said.

Westpac has more than 70 Business Banking Centres, 185 dedicated small business branches and more than 460 Local Business Bankers, which means that customers get access to one name and one number for all their business needs.