Westpac Group announces $2 million fund to support flood impacted small businesses

March 3: Westpac has today launched a $2 million fund to help small businesses impacted by the floods in Queensland and New South Wales access financial help.

Small business customers who meet the eligibility criteria can apply for $3,000 in cash grants per customer group to help with urgent expenses or repairs by contacting their banker or calling our customer support teams.

Today’s announcement builds on the tailored emergency relief already available for small business customers including the ability to request loan deferrals for up to three months.

Westpac Consumer & Business Banking Chief Executive, Chris de Bruin said that given the scale of this natural disaster, he expects many small business customers will need financial assistance.

“Our teams are standing by ready to help those who need it. 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.

“Our customer support teams have already started to see an increase in calls from tradies, tourism operators, café and shop owners looking for help. Some of these businesses have only just started to recover from the pandemic now they’ve been forced to close their doors once again.

“It’s been an incredibly tough couple of years, and we want our customers to know we are here to support them through this stressful time.

“We have our bankers and phone support teams available to work through a tailored financial plan to help get customers back on their feet. We also help connect our customers to the government grants and assistance available,” Mr de Bruin said.