Westpac Banking: 07/18/2021 Westpac offers interest-free cash flow option for small business clients affected by lockdowns


July 18, 2021

Westpac today announced a new measure to support existing small business clients with their cash flow needs, though revenues have been drastically reduced due to the latest foreclosure restrictions.

Starting Monday, July 19, 2021, Westpac will offer eligible existing small businesses interest-free temporary overdrafts of up to $ 15,000 for up to 45 days, designed to help close the gap with government assistance.

Westpac CEO Peter King said: “We know that the current bottlenecks mean that some of our small business customers may need urgent access to cash. We’ve introduced a new interest-free overdraft to act as a gateway when government payments arrive, helping small business owners cover urgent expenses during this time.

“The government’s comprehensive support program will make a big difference to many businesses and help keep Australians employed. The temporary overdraft will support this process and meet cash flow needs in the interim, ensuring our small business clients have faster access to funds.

“This initiative is in addition to the existing financial assistance we offer, including loan deferrals. We want to remind our customers that there is a range of support services to help them and that we have teams of specialists ready to guide them through the options available, ”he said.

The temporary overdraft measure is available to qualifying existing small businesses that have Westpac, St. George, BankSA or Bank of Melbourne as their primary bank, and which also have a primary transaction bank account with that mark.

Westpac described a range of supports for eligible small business customers, including:

  • Temporary interest-free overdrafts for existing business customers, up to $ 15,000 for a maximum of 45 days.

  • Eligible small businesses with total committed exposure of up to $ 3 million will be able to defer three-month loan repayments on certain products, with extended loan terms if necessary, to facilitate their cash flow.

  • Eligible small businesses with a merchant terminal will, upon request, be reimbursed for the cost of renting the merchant terminal for a period of up to three months.

  • Qualifying business customers with a term deposit or farm management deposit will be able to terminate early to access their deposit without adjusting the penalty interest rate.

  • Eligible clients can access low-interest business loans through the federal government’s SME Stimulus Loan Program.

  • Support in case management for our small business clients in financial difficulty.

  • Business loan restructuring with no costs incurred.

  • References to financial advisers or other support services.

Business customers who require assistance should contact their relationship manager or call Westpac Assist on 1800 067 497.

Media contact:

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Westpac banking company published this content on July 18, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on July 18, 2021 06:08:02 AM UTC.

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