Availability.

As of 1 July 2021, we no longer accept applications for new Business Support Loans but we do accept applications to refinance existing Business Finance Guarantee Scheme loans, with Westpac or any other approved lenders.

If you have an existing Business Finance Guarantee Scheme loan that you would like us to refinance, please talk to your relationship manager or call us on 0800 288 101 (+64 9 375 2167 from overseas).

Overview.

Our Business Support Loan was designed to help businesses respond to, prepare for, or recover from, the impacts of COVID-19.

It is an on-call revolving credit facility where the balance will fluctuate as money is borrowed and repaid. Interest is calculated daily and charged monthly.

Business Support Loans were made available as part of the Government's Business Finance Guarantee Scheme, which ended on 30 June 2021. To be included in the Scheme, loans needed to be approved, signed and documented by 30 June 2021, though they can be drawn down after that date.

For more information on the Business Finance Guarantee Scheme please visit the Government's COVID-19 financial support website.

Eligibility criteria.

To be eligible for a Business Support Loan after 30 June 2021, your business must meet the following criteria (among others):

  • Hold an existing Business Finance Guarantee Scheme Loan (with Westpac or another approved lender)
  • Have annual turnover of up to $200,000,000 (no minimum amount)
  • Be a New Zealand based business
  • Have or intend to have a full primary banking relationship with Westpac NZ
  • Operate in a sector that is eligible under the Scheme*
  • Be prepared to grant us new security, if required.

Key features & requirements.

  • Each eligible business or business group can apply for either a single loan or multiple loans of up to a maximum combined limit of NZ$5,000,000
  • The maximum term of a loan is five years and your total limit will reduce over this time until it is fully repaid
    • There are some instances where your loan term may be shorter than five years. See more information here
  • The purpose of the loan must be primarily for the business to respond to, prepare for, or recover from, the impacts of COVID-19
  • Special variable interest rates will apply throughout the term of the loan. Other 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 also have to instruct your lawyer to assist us with these security arrangements.

Apply for a Business Support Loan.

If you have an existing Business Finance Guarantee Scheme loan that you would like us to refinance, please talk to your relationship manager or call us on 0800 288 101 (+64 9 375 2167 from overseas).

If you are not eligible to apply for a Business Support Loan but would like to talk to us about other options, you can also call us on 0800 288 101 (+64 9 375 2167 from overseas).

Frequently asked questions.

Important information.

A Business Support Loan can only be connected to your business transaction account. You can move money to and from your transactional account, but you cannot make outward electronic payments or withdrawals directly from this account (no Automatic Payments, Direct Debits or Bill Payments can be loaded). There are detailed rules about the extent to which a Business Support Loan can be used to refinance existing debt. For more information on the eligibility rules, please call us on 0800 288 101 (+64 9 375 2167 from overseas).

The Government is not providing a guarantee to you, the borrower. The Government guarantee instead supports the bank to lend more than we otherwise would at preferential pricing in uncertain economic conditions. You will always remain liable for repaying 100% of the loan and interest. If you are unable to meet the repayment obligations, Westpac will first seek to recover 100% of any outstanding loan balance from you and any property given as security.

Provision of this loan, up to the maximum NZ$5,000,000 limit per business, or for a collective group, is at Westpac's discretion.

Westpac credit criteria apply.

*Most business sectors are eligible under the scheme, but certain sectors are excluded, notably property development; property investment; the manufacture of tobacco; the processing of whale meat; recreational cannabis and the manufacture of firearms.