From Monday, 19 July, Westpac’s new interest-free cash flow option will be available for existing small business customers currently being affected by lockdowns.
The big four bank will offer eligible existing small business customers interest-free, temporary overdrafts up to $15,000 on a maximum 45-day term, “designed to help bridge the gap to government assistance”.
As per a statement provided, the temporary overdraft measure is available to eligible existing small business customers who have Westpac, St.George, BankSA or Bank of Melbourne as their primary bank, and also have a main transaction banking account with this brand.
“We know that the current lockdowns mean some of our small business customers may need urgent access to cash. We have introduced a new interest-free overdraft to act as a bridge to when government payments flow in, helping small business owners to cover urgent expenses during this time,” said Westpac CEO Peter King.
“The government’s comprehensive support package will make a big difference to many businesses and help keep Australians employed. The temporary overdraft will support this process and address cash flow needs in the interim, ensuring our small business customers get access to funds sooner.
“This initiative adds to the existing financial assistance we are offering, including loan deferrals. We want to remind our customers that there is a range of support to help them, and that we have specialist teams at the ready to walk them through the options available.”