Westpac commits to support businesses through SME Recovery Loan Scheme

Small business.

Westpac has confirmed it will be offering low-rate finance to Australian businesses under the Federal Government’s expanded SME Recovery Loan Scheme, which is due to commence 1 October 2021.

The scheme lets small and medium enterprises that have been impacted by COVID-19 access business loans of up to $5 million, with the government guaranteeing 80 per cent. 

While the scheme was initially only available to flood-affected businesses and those which received the JobKeeper wage subsidy in the March quarter of 2021, the government announced in August that it will be dropping these requirements.

Under the revised version, Australian businesses can apply so long as they have been operating for more than 12 months and have an annual turnover of less than $250 million.

Westpac chief of consumer and business banking, Chris de Bruin said the move will help hard-hit businesses regain their footing as the nation turns a corner on the COVID-19 pandemic.

“We are encouraged by the latest vaccination figures and are confident our economy will quickly move back to growth once lockdowns have ended,” he said.

“Australian businesses have had everything thrown at them in the last couple of years but have shown remarkable resilience. We are committed to continuing to support them through this difficult time and are optimistic about the future.”

RELATED: SME Recovery Loan Scheme expanded to help beat lockdown slump

From 1 October 2021, Westpac will offer variable rates of between 2.58% p.a. and 4.28% p.a. to eligible small businesses.

The loans will be available to both new and existing customers, and can be used to invest, purchase commercial property, or acquire another business. 

Business customers will also have the option to pause repayments for 6 or 12 months, but Westpac notes that interest on the loan will continue to accrue during the repayment deferral period.

The full list of lenders participating in the SME Recovery Loan Scheme can be found on the Treasury website . For financing options, browse our business loans comparison page, where you’ll be able to weigh up offers from bank and non-bank lenders.

Business loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 100 products
Last updated 13 October 2024Important disclosures

Refine the list of business loans

Let’s help find you a great business loan...
  • Business+ Unsecured Loan

    A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.

    Interest Rate
    Upfront Fee
    Funding speed
    Rates range from 11.95% p.a. to 22.95% p.a.
    $495
    Varies
    Details
  • Unsecured Business Loan

    A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.

    Interest Rate
    Upfront Fee
    Funding speed
    from 9%
    -
    Within same day
    Details
  • Prospa Plus Business Loan

    Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

    Interest Rate
    Upfront Fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Details
  • Business+ Unsecured Overdraft

    Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.

    Interest Rate
    Upfront Fee
    Funding speed
    Rates range from 14.95% p.a. to 25.95% p.a.
    $495
    Varies
    Details
  • Boost Business Loan

    Whether you’re looking for a quick cash boost for your business or are ready to invest in growth, ScotPac offers a range of unsecured and secured loans from $10,000 up to $500,000. For loan terms of 6 months to 3 years. No application or account keeping fees to pay. Funds available in 24 hours or less once approved. Repayment options available.

    Interest Rate
    Upfront Fee
    Funding speed
    On application
    Details on application
    From 24 hours
    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.