Westpac commits to support businesses through SME Recovery Loan Scheme
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 - rates updated daily
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.$495VariesBusiness+ 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
- Rates range from 11.95% p.a. to 22.95% p.a.
- Upfront Fee
- $495
- Ongoing Fees
- $20 per month
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- Early Payout Costs apply during fixed rate period.
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $20,000
- Maximum loan amount
- $50,000
- Minimum loan term
- 1 year
- Maximum loan term
- 3 years
- Repayment frequency
- Fortnightly, Monthly
- Repayment types
- Principal & Interest
- Minimum trading period
- 1 year
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Business+ Unsecured Loan
Unsecured Business Loan
Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Interest Rate
Upfront Fee
Funding speed
On Application3%, starting at $399from 3 hoursUnsecured Business Loan
Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
- Interest Rate
- On Application
- Upfront Fee
- 3%, starting at $399
- Ongoing Fees
- no
- Late payment fee
- $50.00
- Transaction fee
- -
- Early repayment penalty
- no
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $4,000,000
- Minimum loan term
- 3 months
- Maximum loan term
- 1 year
- Repayment frequency
- Weekly, flexible
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $120,000
- Application speed
- 10 Minutes
- Approval speed
- within 1 hour
- Funding speed
- from 3 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- Daily repayments available.
- Other restrictions
- -
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 dayUnsecured 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
- from 9%
- Upfront Fee
- -
- Ongoing Fees
- 2.5% establishment fee of the disbursed amount.
- Late payment fee
- $50.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $300,000
- Minimum loan term
- 3 months
- Maximum loan term
- 4 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $60,000
- Application speed
- within 24 hours
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- Early payout options and early repayment discounts are available. Principal-only payout available after 6 months.
- Other restrictions
- Loans above $300,000 must be secured by property.
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.$495VariesBusiness+ 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
- Rates range from 14.95% p.a. to 25.95% p.a.
- Upfront Fee
- $495
- Ongoing Fees
- $30 per month
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- $0
- Other fees
- -
- Loan type
- Overdraft
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $50,000
- Minimum loan term
- -
- Maximum loan term
- -
- Repayment frequency
- flexible
- Repayment types
- n/a
- Minimum trading period
- 1 year
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- n/a
- Redraw allowed
- n/a
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Business+ Unsecured Overdraft
Boost Business Loan - powered by Business Fuel
Get secured or unsecured business funding for up to $250K. For loan terms of 6 months to 2 years. No application or account keeping fees to pay. Minimum loan amount is $10,000. Get approval in 24 hours. Loans over $100,000 require security. Minimum annual turnover of $120K.
Interest Rate
Upfront Fee
Funding speed
from 14.00% p.a.Details on applicationFrom 24 hoursBoost Business Loan - powered by Business Fuel
Get secured or unsecured business funding for up to $250K. For loan terms of 6 months to 2 years. No application or account keeping fees to pay. Minimum loan amount is $10,000. Get approval in 24 hours. Loans over $100,000 require security. Minimum annual turnover of $120K.
- Interest Rate
- from 14.00% p.a.
- Upfront Fee
- Details on application
- Ongoing Fees
- $0
- Late payment fee
- -
- Transaction fee
- -
- Early repayment penalty
- -
- Other fees
- -
- Loan type
- Loan
- Security type
- Secured or Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 3 months
- Maximum loan term
- 3 years
- Repayment frequency
- Weekly
- Repayment types
- -
- Minimum trading period
- 1 year
- Minimum annual turnover
- $120,000
- Application speed
- From 24 hours
- Approval speed
- From 24 hours
- Funding speed
- From 24 hours
- Extra repayments allowed
- -
- Redraw allowed
- -
- Other benefits
- All industries supported.
- Other restrictions
- Loans up to $100K: No upfront collateral required Loans between $100K to $200K: Borrower must be a property owner Loans over $200K: Borrower must be a property owner, and the loan will be secured
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