Westpac announces support for businesses affected by Coronavirus

From

Guil Lima

Westpac has announced support measures for business customers financially affected by the outbreak of Coronavirus.

The measures will be available to eligible customers immediately and will remain in place for customers financially affected by the Coronavirus outbreak for an initial period of three months.

Guil Lima, Chief Executive, Business Division said the impacts of the outbreak are starting to be felt across a wide and varied group of industries, with no clear indication of when business might return to normal.

“This is an extremely difficult period for some Australian businesses. We want our customers in any affected sectors to know there’s a range of ways we are ready to support them,” Mr Lima said.

Coronavirus support measures may include:

  • Fee free redraws
  • Business Loan deferred repayments up to 3 months
  • Option to extend Business Loan term by up to 3 months
  • Restructuring and consolidating loans
  • Access to term deposit funds without reduction in interest rate
  • Deferred payments for Business Credit Cards
  • Business Financial Counselling access

Mr Lima said: “These initiatives aim to provide practical and meaningful support for eligible impacted customers. If your business has been affected by the Coronavirus outbreak, please get in touch with us to see how we can help.”

The Coronavirus assistance extends the support Westpac Group is offering customers who’ve been impacted by drought and bushfires.

Mr Lima said: “Our thoughts are with everyone who has been, and continues to be affected during what is a difficult and emotionally challenging time, and it’s important our customers know we are here to help.”

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