Westpac has announced it will lend $1 billion to Australian businesses by the end of September as part of its new Business Boost campaign.
The campaign was developed to help small and medium enterprises feel more confident about investing in the Australian economy.
According to a Westpac statement, the Business Boost campaign will offer a range of incentives for commercial businesses and small enterprises wanting to position themselves for future growth. These incentives include Westpac paying up to $20,000 in certain transition costs for business loans of $250,000 or more refinanced to Westpac.
Westpac group executive Rob Coombe said that Business Boost was the third stage of the bank’s extended campaign to support the future growth and prosperity of Australian businesses.
“Westpac is open for business - we want to lend $1 billion to Australian businesses in the next six weeks,” Mr Coombe said.
"We believe that the fundamentals of the Australian economy, such as our low unemployment rate, high terms of trade and high savings rate remain sound, despite the nervousness which is apparent in economies overseas.”
Mr Coombe said that survey results show that Westpac is already the bank that business customers prefer, with Westpac being number one in customer advocacy in the small business, commercial and agribusiness segments, according to the latest survey by DBM.
“Our lending to the small and medium business segment is up in the last quarter, and we have demonstrated to our business customers that we are responsive, accessible, have the knowledge and understanding that they want. This is translating through to them feeling valued,” Mr Coombe said.