Westpac offers interest free cash flow option for small business customers impacted by lockdowns
18 July 2021
Westpac has today announced a new measure to support existing small business customers with their cash flow needs, if revenue has been significantly reduced because of the latest lockdown restrictions.
From Monday 19 July 2021, Westpac will offer eligible existing small business customers interest free temporary overdrafts up to $15,000 on a maximum 45-day term, designed to help bridge the gap to government assistance.
Westpac CEO Peter King said: “We know that the current lockdowns mean some of our small business customers may need urgent access to cash. We have introduced a new interest free overdraft to act as a bridge to when government payments flow-in, helping small business owners to cover urgent expenses during this time.
“The government’s comprehensive support package will make a big difference to many businesses and help keep Australians employed. The temporary overdraft will support this process and address cash flow needs in the interim, ensuring our small business customers get access to funds sooner.
“This initiative adds to the existing financial assistance we are offering, including loan deferrals. We want to remind our customers that there is a range of support to help them, and that we have specialist teams at the ready to walk them through the options available,” he said.
The temporary overdraft measure is available to eligible existing small business customers who have Westpac, St.George, BankSA, or Bank of Melbourne as their primary bank, and also have a main transaction banking account with this brand.
Westpac has outlined a range of support measures for eligible small business customers, including:
- Interest free temporary overdrafts for existing business customers, up to $15,000 for a maximum of 45-days.
- Eligible small business customers with total committed exposure of up to $3m will be able to defer loan repayments for three months on certain products, with loan terms extended as required, to assist with cash flow.
- Eligible small business customers with Merchant Terminal will be able, upon request, to have the merchant terminal rental fee refunded for up to three months.
- Eligible business customers with Term Deposit or Farm Management Deposits will be able to terminate early to access their deposit with no penalty interest rate adjustment.
- Eligible customers may be able to access low interest rate business loans through the Federal Government’s SME Recovery Loan Scheme.
- Case management support for our small business customers experiencing financial difficulty.
- Business loan restructuring with no fees incurred.
- Referrals to financial counsellors or other support services.
Business customers who need support should contact their Relationship Manager or call Westpac Assist on 1800 067 497.