Westpac announces additional support for small businesses
22 March 2020
Westpac today confirmed its support of the Federal Government Coronavirus SME Guarantee Scheme, which will see the government guarantee 50 per cent of new loans issued by eligible lenders to small and medium size businesses.
From Monday 23 March, Westpac will offer an unsecured 3-year term loan up to $250,000 to all business customers with a turnover of less than $50 million. This offer will be available with a 6 month payment free option which will be capitalised at the end of the 6 month period.
This loan will be available to both existing and new customers that meet the eligibility criteria until the end of September 2020.
These loans will be offered at a 4 per cent discount to our current unsecured small business loan.
New and existing business customers should speak with their banker or enquire through the Westpac website.
Guil Lima, Chief Executive, Business Division, said: “We all have a role to play in this extraordinary and challenging time. Westpac is strong and we are determined to help our customers in any way we can.”
For further details on Westpac’s small business support measures and on how to apply, visit https://www.westpac.com.au/business-banking/small-business-relief/
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