Westpac has further extended its support to Australia's small businesses, following the Federal Government's recent Small Business Summit.
Westpac's Group Executive Retail and Business Banking Peter Hanlon, who attended the summit, said Westpac was undertaking a number of special initiatives to support small businesses.
"Small business is the backbone of the Australian economy," Mr Hanlon said.
"The Rudd Government's summit has reinforced just how important it is to reassure small businesses that Westpac remains open for their business and will back them through these challenging economic times."
Australia's small businesses provide roughly 47% of private sector employment and generate around 30% of Australia's economic activity.
"In recent months Westpac has shown its support to this sector by being the first major bank to reduce business rates, has increased the number of advice and planning workshops for business customers and is fast-tracking plans to better equip Branch managers to advise and assist local businesses," Mr Hanlon added.
"This helps ensure that our small business customers have access to the right banking products, advice and expertise to ensure they are managing debt repayments, have optimal cash-flow and working capital arrangements to manage the economic uncertainty, as well as being able to take advantage of any potential opportunities."
Mr Hanlon said Westpac's new BusinessChoice Credit card was a prime example of how the bank was responding to customer feedback. The new credit card provides a number of benefits for small business customers including flexible payment terms, higher limits than personal credit cards, a better rewards program and a streamlined approval process.
"BusinessChoice demonstrates that Westpac is listening to small business and responding with products that provide greater flexibility to support their changing business requirements," he said.
Westpac also supports and helps educate small business customers through its Business Advisory workshops, regular economic briefings, a dedicated Women's Markets team as well as a specialised Agribusiness team which has provided assistance to farmers and small businesses through the drought.
"This is all about delivering a more sustainable banking relationship to small business over the longer-term," Mr Hanlon concluded.
--www.theasianbanker.com (October 31 2008)--