Westpac announces low interest rate loans for small businesses as part of SME Recovery Loan Scheme
1 April 2021
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.
Westpac has also made a range of support available for homeowners and business customers impacted by the floods in New South Wales and Queensland, including establishing a $10 million flood support fund to provide grants to business operators. We have already helped 474 customers with grants totalling $1.45 million and this figure continues to grow every day.
Eligible flood affected small business customers can access $5,000 grants to assist with the recovery and re-opening process, including repairing damage and helping with costs like the loss of equipment and stock.
Information on the support available for flood-affected businesses is available here.
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1. Additional information – SME Recovery Loan Scheme
a. Credit criteria, fees, charges, terms and conditions apply.
b. Security supporting these loans excludes residential property or commercial/rural property that may be used for residential purposes.
c. Interest rates current as at 1 April 2021 and are subject to change
d. Interest rates not applicable for loans with a payment deferral period. Interest rate premium applies for deferred payment options. Interest and fees will accrue during the deferral period and capitalise at the end of this period.