Westpac Group has launched a $2 million fund to provide financial help to small businesses impacted by the floods in Queensland and New South Wales.
Eligible small business customers can apply for $3,000 in cash grants per customer group to help with urgent expenses or repairs. They can access the financial help by contacting their banker or calling Westpac’s customer support teams.
The $2 million fund adds to the tailored emergency relief already available to small business customers, including the ability to request loan deferrals for up to three months.
Chris de Bruin, Westpac consumer and business banking chief executive, said he expects many small business customers will need financial assistance, given the scale of the natural disaster.
“Our teams are standing by ready to help those who need it,” de Bruin said. “At this stage safety is the first priority, but in the coming days, as people begin to return to their businesses, they may need cash on hand so they can get the power back on, start the clean-up, and eventually restock the shelves and begin to rebuild their businesses.”
Already, there has been an increase in calls to Westpac’s customer support teams from tradies, tourism operators, café and shop owners looking for help, the bank leader said.
“We have our bankers and phone support teams available to work through a tailored financial plan to help get customers back on their feet,” de Bruin said. “We also help connect our customers to the government grants and assistance available.”
