Westpac Group announces $2 million fund to support flood impacted small businesses
Westpac has today launched a $2 million fund to help small businesses impacted by the floods in Queensland and New South Wales access financial help.
Small business customers who meet the eligibility criteria can apply for $3,000 in cash grants per customer group to help with urgent expenses or repairs by contacting their banker or calling our customer support teams.
Today’s announcement builds 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.
“Our customer support teams have already started to see an increase in calls from tradies, tourism operators, café and shop owners looking for help. 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,” Mr de Bruin said.
Emergency support for Westpac & St.George customers:
- Affected customers with home loans may apply to defer repayments for up to three months.
- Affected credit card customers may 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.
- Waived interest rate adjustments for affected customers wishing to withdraw term deposits.
- Affected customers 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.
- Affected businesses with existing loans can request loan restructuring without incurring the usual bank establishment fees.
- Affected business customers with merchant facilities are eligible to receive assistance, including monthly terminal access fee waivers for up to three months.
To access financial assistance:
The flood grants are available for existing small business customers in NSW and QLD in flood impacted postcodes who have experienced significant damage to, or destruction of, income-producing assets as a result of the floods. This could include business premises, equipment and loss of stock or livestock. Additional eligibility criteria apply.
