The scheme is available to support severe weather recovery
New Zealand’s biggest bank has introduced a new low-interest loan scheme to help business customers impacted by the recent severe weather in the North Island to get back on their feet.
Eligible ANZ customers can apply for the bank’s low-interest Business Regrowth Loan, which will allow them to borrow up to $300,000 at a special fixed rate of 3.49% per annum for up to three years.
With an initial $250 million allocated to support the lending, the new ANZ offering can be used to replace assets and rebuild for the future, RNZ reported.
The Business Regrowth Loan will initially be available to existing ANZ business and agri-customers affected by the significant weather events in the North Island this year. Regions initially covered by the fund included Northland, Auckland, Waikato, Bay of Plenty, Tai Rāwhiti, Hawke's Bay, Taraua, and Wairarapa.
The new loan scheme would be expanded, however, to support businesses impacted by future adverse weather events, the bank said, adding that its rates were subject to change and would be reviewed at the time a new event was being added.
Antonia Watson (pictured above), ANZ New Zealand CEO, said the severe weather had a “huge impact” on its customers and regional economies.
“As New Zealand's biggest bank, we’re committed to supporting our business customers with their recovery, ultimately leading to more resilient and sustainable communities,” Watson said.
“Our customers are telling us that cost is one of the factors delaying investment. By removing some of that cost barrier, we hope to give businesses confidence to rebuild.”
In addition to ANZ’s Business Regrowth Loan, customers may also be able to find support through the government’s North Island Weather Events (NIWE) Loan Guarantee Scheme, and Primary Producer Finance Scheme.
“There may soon be a combination of recovery funding solutions available for customers,” Watson told RNZ. “Each situation will be different, and, while the terms of the government’s NIWE package are yet to be settled, it is our hope that these solutions will complement each other.”
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