Westpac bolsters its pandemic support

WESTPAC has expanded its low interest rate relief for small businesses affected by the pandemic.

Using the federal government’s SME Recovery Loan Scheme, Westpac will offer eligible businesses loans starting at 2.58 per cent per annum.

Businesses can borrow up to $5m via the scheme.

Westpac chief executive of consumer & business banking Chris de Bruin says the loans scheme would give business more room to breath and “get back on their feet”.

“The SME Recovery Loans will not only assist businesses feeling the impact of current lockdowns, but will also help those preparing to reopen and grow,” he says.

To apply, businesses must have an annual turnover of less than $250m, have been trading for more than 12 months and have a valid ABN.

“Australian businesses have had everything thrown at them in the last couple of years, but have shown remarkable resilience,” Mr de Bruin said.

Westpac shares lifted 0.8 per cent to $25.46, while CBA was the best of the big banks, adding 2.8 per cent to $104.59.