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Westpac rolls out support to NT SMEs

Emma Ryan
28 June 2021 1 minute readShare

The big four bank has implemented new support measures to help businesses impacted by the latest COVID-19 restrictions in the Northern Territory.

Over the weekend, the Northern Territory government enforced new restrictions in Darwin, Palmerston and Litchfield which would see residents enter a 48-hour lockdown.

Following the announcement, Westpac released a statement detailing support measures available to help business and customers that are impacted.

“Customers in need of financial assistance can access our dedicated support team who will tailor assistance to suit the customer’s circumstances,” Westpac said, before laying out who this may include.

For business customers, support measures may include the following, as per the bank:

  • Case management support for our small business customers experiencing financial difficulty.
  • Reduced or deferred repayments on asset and equipment finance and eligible business loans.
  • Business loan restructuring with no fees incurred.
  • Referrals to financial counsellors or other support services.
  • Eligible customers may be able to access low interest rate business loans through the federal government’s SME Recovery Loan Scheme.

“Small businesses and residents in the Northern Territory, particularly those who live in Darwin, Palmerston and Litchfield, are facing into another difficult period with the announcement of a 48-hour lockdown. These are challenging times, but we want our customers to know we are on hand to help if they need financial assistance,” said Chris de Bruin, Westpac chief executive consumer and business banking.

“Westpac offers a range of options tailored to the customer’s individual circumstances, which may include reduced or deferred repayments and low-rate loans. Our aim is to work with each customer one on one to ensure they have access to the right help to get them back on their feet.

“This is a fast-moving situation, and we will continue to be here to help customers who are facing the financial impacts of the pandemic. It’s important businesses and households in need of assistance get in touch to discuss the support available as soon as possible.”

Westpac rolls out support to NT SMEs
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Emma Ryan

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