Westpac Banking: 03/03/2022 Westpac Group announces $2 million fund to support flood-affected small businesses

Westpac Group announces $2 million fund to support flood-affected small businesses

March 3, 2022

Westpac today launched a $2 million fund to help flood-affected small businesses in Queensland and New South Wales access financial relief.

Small business customers who meet the eligibility criteria can apply for $3,000 in cash grants per customer group to help with emergency expenses or repairs by contacting their banker or calling our customer support teams.

Today’s announcement builds on the tailored emergency assistance already available to small business customers, including the ability to apply for loan deferrals of up to three months.

Westpac Consumer & Business Banking managing director Chris de Bruin said given the scale of this natural disaster, he expects many small business customers will need financial assistance.

“Our teams are ready to help those in need. At this stage, safety is the first priority, but in the coming days, as people start to return to their businesses, they may need money. liquid so they can get the power back, start cleaning, and eventually restock the shelves and start rebuilding their businesses.

“Our customer support teams have already started to see an increase in calls from traders, tour operators, cafe and shop owners looking for help. Some of these businesses are just starting to recover. of the pandemic now that they have been forced to close their doors yet again.

“The past few years have been incredibly difficult, and we want our customers to know that we are here to help them through this stressful time.

“We have our bankers and helpline teams available to tailor a financial plan to help clients get back on their feet. We also help connect our clients to available government grants and assistance” , Mr. de Bruin said.

Emergency Assistance for Westpac & St. George Customers:

  • Customers affected by home loans can request a repayment deferral of up to three months.

  • Customers affected by credit cards may request to defer refunds to their card for up to 90 days.

  • Affected customers wishing to purchase replacement property can apply for a personal loan at a reduced interest rate with no set-up fees.

  • Removal of interest rate adjustments for affected customers wishing to withdraw term deposits.

  • Affected customers in difficulty may also be offered a stoppage of all accrued interest on unsecured credit products for a period of up to three months.

  • Customers affected by business loans can request a repayment deferral of up to three months.

  • Affected businesses with existing loans can apply for loan restructuring without incurring the usual banking facility fees.

  • Affected commercial customers with commercial facilities are eligible to receive support, including monthly terminal access fee waivers for up to three months.

To access financial assistance:

Flood grants are available to existing NSW and QLD small business customers in flood-affected postcodes that have suffered significant damage or destruction of income-generating assets as a result of flooding. This could include business premises, equipment and loss of livestock or cattle. Additional eligibility criteria apply.

  • Westpac retail customers can apply online or call Westpac Assist on 1800 067 497. Business customers who need help can contact their relationship manager or call Westpac Assist on 1800 067 497.

  • St.George’s retail clients can apply online or call St.George Assist on 1800 629 795. Business clients who need assistance can contact their account manager or call St.George Assist on 1800 629 795.

For emergency assistance in severe weather, contact the State Emergency Service (SES) on 132 500 or call 000 (triple zero) for life-threatening emergencies.

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