Westpac has expanded its support for small businesses impacted by the COVID-19 pandemic by releasing new low-interest loans under the federal government’s SME Recovery Loan Program.
Businesses affected by recent flooding are also encouraged to apply for funding under the program.
As of today, eligible new and existing small businesses can access the following loans:
- 2.58% per annum interest rate for fully secured variable loans of 3 or 5 years1.
- Interest rate of 3.48% per annum for variable loans fully guaranteed over 10 years1.
“The federal government’s SME Stimulus Loan Program will provide a lifeline for businesses that need more time and support to get back on their feet from the impacts of the COVID-19 pandemic and flooding,” he said. said Chris de, Managing Director of Westpac Consumer & Business Banking. Bruin.
“Small businesses are the engine room of the Australian economy and it is essential that we stay the course to help these businesses continue and grow as part of Australia’s broader economic recovery.
“This targeted support is necessary for sectors and geographies that still face ongoing challenges due to the effects of the pandemic. The new loans allow small businesses to access low-rate financing, with the ability to defer repayments, to provide additional respite for business owners.
“From tourism operators in Queensland to hotel business owners in South Australia, we have generated strong interest from clients to access the SME Recovery Loan Program to help them meet the challenges ahead,” said declared M. de Bruin.