Westpac has unveiled a $2 million fund to help small businesses impacted by the floods in Queensland and New South Wales access the financial help that they need.
Small-business customers who meet the eligibility criteria can apply for $3000 in cash grants per customer group to help with urgent expenses or repairs.
Westpac’s fund is built on the tailored emergency relief already available for small-business customers including the ability to request loan deferrals for up to three months.
Westpac Consumer & Business Banking Chief Executive, Chris de Bruin said that given the scale of this natural disaster, he expects many small business customers will need financial assistance.
“Our teams are standing by ready to help those who need it. At this stage safety is the first priority, but in the coming days, as people begin to return to their businesses, they may need cash on hand so they can get the power back on, start the clean-up, and eventually restock the shelves and begin to rebuild their businesses,” de Bruin said.
“Our customer support teams have already started to see an increase in calls from tradies, tourism operators, café and shop owners looking for help,” de Bruin added. “Some of these businesses have only just started to recover from the pandemic now they’ve been forced to close their doors once again.
“It’s been an incredibly tough couple of years, and we want our customers to know we are here to support them through this stressful time. We have our bankers and phone support teams available to work through a tailored financial plan to help get customers back on their feet. We also help connect our customers to the government grants and assistance available,” de Bruin concluded.
Westpac also announced that under the measure, affected customers with existing home loans may apply to defer repayments for up to three months. Affected credit card customers may also apply to defer repayments to their card for up to 90 days.
Affected customers wishing to purchase replacement goods may apply for a personal loan at a discounted interest rate with no establishment fee. There will also be waived interest rate adjustments for affected customers wishing to withdraw term deposits. While those experiencing hardship may also be offered a halt on all interest accrual on unsecured credit products for a period of up to three months.
Affected customers with business loans may apply to defer repayments for up to three months or can request loan restructuring without incurring the usual bank establishment fees. Business customers with merchant facilities are eligible to receive assistance, including monthly terminal access fee waivers for up to three months.
