12. Small Business (Coronavirus Loan) Working Capital Loan
In addition to the (Coronavirus guarantee scheme) working capital loan up to $250,000, outlined in last week newsletter, the banks also offer other business loan products.
For Westpac Customers
An online fast track assessment is available for business loans up to $75,000, with a term of 1, 2 or 3 years. This facility requires the funds to be drawn down in full and transferred to a business bank account to pay business expenses. The interest rate is approx. 4.5%.
For clients requiring more than $250,000 for working capital they can apply with their bank manager for a business term loan for 30 years and provide property as security. The rate is approx. 3.5% but will require a normal financial assessment and will take 4-5 weeks to process.
For Non Westpac Customers
Similar working capital loans should be available with all major banks, please contact your bank manager.
