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BankWest targets small business with new lending product

BankWest targets small business with new lending product

(20 July 2005 – Australia) BankWest has rolled out a new lending product as part of its bid to win share of the small business segment in Australia’s eastern states. The bank’s Business Express division has launched a lending product with a loan rate of 6.60 percent for the first 12 months.

As part of the package, BankWest will pay A$1000 towards the cost of switching to the bank from other service providers; businesses will have the same relationship manager for two years; and there will be no monthly loan fees.

Head of Business Express, Bernie Ryall, said that even when the "honeymoon rate" of 6.60 percent ended, businesses would pay a discounted variable rate, currently sitting at 7.20 percent.

Ryall said the new product formed part of BankWest’s strategy to bring more competition into the small business segment.

"Businesses shouldn’t have to put up with second rate offerings and we are offering a fresh perspective," he said.

Over the past six months, BankWest has opened a business banking centre in Chatswood in Sydney’s north with others set to follow in NSW and Brisbane.

The bank has also undergone a significant recruitment drive for business bankers with an industry specialisation focus.

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