Help for business customers.
We’re here to help our business customers financially affected by COVID-19.
Business Support Loan.
We’re offering Business Support Loans to help our customers respond to, reposition or recover from the impacts of COVID-19.
The loans are being made available as part of the Government’s Business Finance Guarantee Scheme. The scheme involves a range of participating banks and is designed to help protect jobs and support the economy.
Although Business Support Loans are 80% government guaranteed, we are still required by Treasury to assess each lending request in accordance with our standard policies, practices and processes.
For a list of Frequently Asked Questions, including information on eligibility, exclusions and terms and conditions, please see here.
Key features and requirements
- Each eligible business or business group can apply for a single loan of up to NZ$5,000,000.
- Loans are available until 30 June 2021 or when all available funds are allocated (whichever is first).
- The purpose of the loan must be primarily for businesses to respond to, prepare themselves for, or recover from the impacts of COVID-19.
- You may use the Business Support Loan to refinance certain portions of your existing Westpac debt or to refinance existing debt previously advanced by another approved lender, subject to certain eligibility rules. For more information on the eligibility rules, please call us on 0800 288 101 (+64 9 375 2167 for overseas).
- The maximum term of a loan is 5 years.
- Special variable interest rates will apply. Discounted fees and charges may also apply.
- This is a loan. As with any other loan, you remain responsible for repaying 100% of the loan and interest.
- We will require usual security arrangements. You may have to instruct your lawyer to assist us with these security arrangements.
Here's an overview of how the Business Support Loan works.
For more information on the Business Finance Guarantee Scheme please visit the Government’s COVID-19 financial support website.
Additional financial support for business customers.
The Scheme is in addition to the following support options from Westpac:
- Temporary overdrafts for business customers are available for up to 90 days. Up to $10,000 (for home loan customers) or $5,000 (for other customers).
- Repayment relief on credit cards is available for customers who need help to manage their cash flow over this period.
- Early withdrawal from term investments is available for customers needing access to term deposit funds by providing 32 days' notice. Requests can be for a full or partial withdrawal. For Term Deposits of 12 months or longer, customers can withdraw up to 20% of the original amount by providing 32 days’ notice and receive no reduced rate on the withdrawn amount.
- Loan repayment deferral options are available
- Up to 3 month principal and interest repayment deferrals for Business Term Loans and Equipment Finance Loans (excluding FlexEquip) are available for customers with business lending of less than $1 million. Principal repayments and interest payments will stop for 3 months but the unpaid interest during this period will be added to the balance of your loan.
- Up to 6 month principal repayment deferrals (interest will continue to charge normally) are also available on Business Term Loans and Equipment Finance Loans (excluding FlexEquip) for customers with business lending of less than $1 million.
- Please go here to fill out an online application form.
Businesses should also talk to us about restructuring loans and access to working capital. For example, Equipment Finance allows eligible customers to restructure or extend loan terms for existing facilities, or use equipment as security to release capital back into their business.
If you require support please talk to your business manager or call us on 0800 288 101 (+64 9 375 2167 for overseas).
We’re taking other steps to help our customers who are feeling the financial impact of COVID-19:
- On 1 September 2020, we introduced a new merchant service fee pricing system that will lead to savings for 10,000 small and medium business customers.
- We’ve included a checklist to help our business customers understand how their transactional banking could be impacted by the current conditions - and ways to help mitigate those risks.
- We have temporarily increased the PIN limit for contactless payments at retailers from $80 to $200. Get more information on the temporary PIN limit increase.
Frequently asked questions - Business Support Loans (BSL).
Resources and tools.
Make sure you get paid
Chasing debt can be frustrating and it’s sometimes easy to put it off. However, following up unpaid accounts could help you increase your cash flow.
Improving cash flow
There are many ways to free up cash within your business to improve your cash flow. Completing a cash flow forecast helps you gain a clearer picture of what actions you need to take next.
Creating value in your business
Growing the value of your business is about making strategic decisions that have a lasting effect. The aim is to create value in a sustainable way.
Growing your business online
E-commerce can increase the potential of the traditional small business bricks-and-mortar model. As online shopping continues to rise in popularity, having a digital presence is essential for generating business and communicating with customers.
Finding the perfect pricing strategy
Setting the right price is critical to maximising revenue. With a little economics you can figure out what you should be charging for your business’ products or services.
Free business tools*
Having templates can make it easier to get moving on some of the more complex tasks of business planning.
Things you should know.
*These tools and resources are intended as guides only and are not intended to constitute financial advice.
The content of this material is for general information purposes only. It does not take into account your personal finance situation and goals, and should not be relied on. We recommend you seek independent legal, financial and/or tax advice. All opinions, statements and analysis expressed are based on information current at the time of writing from sources which Westpac believes to be authentic and reliable. Westpac issues no invitation to anyone to rely on this material and intends by this statement to exclude liability for any such opinion, statement and analysis. Westpac is not responsible for the information on any other site accessed via this website; that information is the responsibility of the owner of that site and Westpac has no control over it. Links to other sites are provided for convenience only and Westpac accepts no responsibility for the availability or content of such websites.