Please fill out the form below if you would like to register interest in a Business Support Loan to help your business meet liquidity and bridging financing requirements due to the disruption caused by COVID-19.
Please note that your business must meet the following criteria (amongst others):
- have annual turnover of up to $80,000,000 (no minimum amount).
- be a New Zealand based business.
- be an existing Westpac New Zealand customer.
- operate in a sector that is eligible under the scheme*.
- be prepared to grant us new security, if required.
Key features and requirements
The Business Support Loan 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. We will usually require you provide us with adequate security for the loan.
- Each eligible business or business group can apply for a single loan of up to NZ$500,000.
- Loans are available until 30 September 2020 or when all available funds are allocated (whichever is first).
- The maximum term of a loan is 3 years and your total limit will reduce over this time until it is fully repaid.
- The purpose of the loan must be primarily to meet liquidity and bridging finance requirements to deal with disruption caused by COVID-19.
- The scheme is for new lending only.
- 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 also have to instruct your lawyer to assist us with these security arrangements.
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). Generally, you may not use a Business Support Loan to refinance your existing indebtedness with Westpac New Zealand.
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$500,000 limit per business, or for a collective group, is at Westpac’s discretion.
Once you have completed and submitted the form, one of our team will be in touch. Please note that we are experiencing high enquiry volumes – we thank you for your patience and will contact you as soon as we can.
To support any loan application it is normal for us to seek certain documents to verify information we are relying upon to approve the loan. In order to ensure we are lending responsibly, the following information will be required to be able to assess your loan application, understand your position before the current COVID-19 disruption, the impact of the disruption on your business, and your plans for the future:
- Last financial statements for the business (profit and loss and balance sheet)
- IRD Account Summary Statements of all tax types
- A cash flow forecast detailing income and essential expenditure (minimum 3 months)
- A personal statement of position
- A personal income verification if applicable (e.g. IR3 or payslip)
You will need your Account Number and Business Legal Name to complete the information below.
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.