NSW Government package to help small business bounce back
30 January 2022
Westpac has welcomed the announcement of the New South Wales Government’s $1 billion support package for small to medium businesses financially impacted by the Omicron wave.
“The Omicron strain has caused disruption for many businesses across New South Wales over the peak holiday trading period and into the New Year,” said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.
“The NSW Government’s support package will provide a welcome boost for businesses hardest hit by the Omicron wave through providing financial assistance, commercial rent relief and subsidised Rapid Antigen Tests.
“While the financial impact of the Omicron wave has been on a much smaller scale than we saw at the start of the pandemic, we know there are still some businesses who will need this tailored support to keep doors open and staff employed over the coming months.
“In particular, we’re seeing that businesses in the retail, hospitality and entertainment industries have been most impacted as Australians take a more cautious approach to living with the virus.
“However, the end of lockdowns, opening of international borders, and accelerated roll-out of the booster program means there is still optimism in the business sector. Customers are coming to us wanting to take advantage of the low interest rate environment to grow and expand in the year ahead,” said Mr de Bruin.
Westpac business customers in need of financial assistance can access a range of support, including:
- Affected customers with Westpac business loans may apply to defer repayments for up to three months.
- Affected businesses with existing loans can request loan restructuring without incurring the usual bank establishment fees.
- Referrals to financial counsellors or other support services.
- Eligible customers may be able to access low interest rate business loans through the Federal Government’s SME Recovery Loan Scheme.
To speak with our hardship support teams, customers can call the following numbers: