Banks fully fund Farm Business Advice Fund
In a significant move to support farmers facing financial difficulties, major banks are stepping up to fully fund the Farm Business Advice Fund.
Originally established in 2020, the fund offers up to $6,000 for farmers to access independent financial or business advice.
The fund, managed by the National Rural Support Trust, previously operated with shared funding from the Ministry for Primary Industries (MPI) and the farmer’s bank.
However, after MPI withdrew its contribution in December last year, ANZ, ASB, BNZ, and Westpac have committed to covering the full costs of the fund, ensuring its continuation.
Continued sponsorship for Rural Support Trust
Rabobank has confirmed its ongoing sponsorship of the Farm Business Advice Fund, maintaining its support as initially agreed.
Alongside this, all five banks have pledged to continue sponsoring the National Rural Support Trust with $150,000 per year, plus GST.
The current sponsorship arrangement, set to expire in November, will be renewed for an additional three years, providing crucial support for farmers and growers across the country.
Direct benefits for farmers and growers
Michelle Ruddell (pictured above left), chair of the National Rural Support Trust, expressed gratitude for the banks’ commitment.
“Our struggling farmers and growers are going to directly benefit from the continuation of the Business Advice Fund,” Ruddell said. “Thank you to the banks for recognising the importance of the Business Advice Fund, stepping up to fully fund it, and their continued sponsorship of Rural Support Trust.”
Filling the funding gap
New Zealand Banking Association (NZBA) CEO Roger Beaumont (pictured above right) highlighted the banks’ motivation to fill the funding gap left by the government.
“Our banks know that some farmers are doing it tough in the current economic environment, so it made sense to fill the funding gap for the Farm Business Advice Fund, and to renew the annual sponsorship arrangement for the Rural Support Trust,” Beaumont said.
For more details on the Farm Business Advice Fund, visit the NZBA website.
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