Westpac welcomes the Federal Government’s extended SME Recovery Loan Scheme
25 August 2021
Westpac has today welcomed the Federal Government’s extension of the SME Recovery Loan Scheme to help eligible small businesses impacted by COVID-19 access low-rate finance with the option of deferring repayments if needed.
Westpac CEO Peter King said: “The SME Recovery Loans help small businesses access funding to keep their businesses going until lockdowns are lifted and the economy gets back on track.
“We know many small businesses are doing it tough and this important initiative provides further assistance directly to small businesses.
“We encourage any business customers worried about their finances to give us a call so we can work through what help may be available for them.
“We have already helped hundreds of small businesses through this difficult time and where needed provided access to three-month loan deferrals,” Mr King said.
Westpac’s support for Business customers:
- 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 Terminals 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 interest rate adjustment.
- Eligible customers may be able to access low interest rate business loans through the Federal Government’s existing SME Recovery Loan Scheme.
- Case management support is available for our small business customers experiencing financial difficulty.
- Business loan restructuring with no fees incurred.
- Referrals to financial counsellors or other support services.
To access financial assistance, Business customers can contact their Relationship Manager or call Westpac Assist on 1800 067 497.