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Mortgage Business
Westpac cuts SME guarantee scheme loan rates By Malavika Santhebennur 04 March 2021
The bank has reduced lending rates on some SME loans by up to almost 50 bps on new lending for products offered under the SME Guarantee Scheme.
Westpac Group has announced reductions to some business lending interest rates on new lending for products offered under the federal government’s Coronavirus Small-to-Medium Enterprise (SME) Guarantee Scheme.
The rate cuts have followed those announced by the major bank in November 2020, when it reduced rates by up to 56 bps.
The SME Guarantee interest rate changes for business loans, which came into effect on 1 March, include:
HM Treasury
Budget 2021 sets path for recovery
In a Budget which ‘meets the moment’, the Chancellor has today (3 March) set out a £65 billion three-point plan to provide support for jobs and businesses as we emerge from the pandemic and forge a path to recovery.
Chancellor’s three-point plan to protect jobs and strengthen public finances
billions to support businesses and families through the pandemic
investment-led recovery as UK emerges from lockdown
future changes to strengthen public finances
Chancellor of the Exchequer Rishi Sunak said his immediate priority continues to be supporting those hardest hit, with extensions to furlough, self-employed support, business grants, loans and VAT cuts – bringing total fiscal support to over £407 billion.
The chief executive of Credit Suisse Group AG called on Wednesday for uniform rules and regulations on how businesses report in their earnings the impact of climate risk.