BNZ: Applications open for COVID-19 business loans

Bank of New Zealand (BNZ) has announced that applications for the Business Finance Guarantee Scheme loans will be available from 7am tomorrow and is encouraging its SME customers to investigate using the option to cushion financial distress caused by COVID-19.

Following the government announcement today with further details around the Business Finance Guarantee Scheme, BNZ business customers with revenue between $250,000 – $80 million per annum and meeting certain criteria can apply online from 7am tomorrow for up to a $500,000 loan.

BNZ’s Chief Customer Officer, Paul Carter, says, “BNZ is ready to go. The application form will be online from 7am, Thursday 2 April and our team is ready to process the applications and get the support to businesses that need it.

“We’re encouraging our customers to look at these loans as well as other measures from our Business Support Package as a way to ride out the worst of the impacts from COVID-19,” he says.

The loans will be for a maximum of three years and are offered at competitive rates. They are in addition to BNZ’s Business Support Package which includes:

• Waiving all contactless debit transaction fees for SMEs for three months from 20 March 2020
• BNZ bankers can provide immediate access to funds to help with short-term cashflow needs.
• Extensions of Trade Credit
• Overdraft rates reduced by 1% per annum
• Online, 24/7 capability to apply for business lending up to $100K without additional security.
• Apply online for up to $100,000 of lending
• Principal repayment holidays
• Extension of term lending periods
• Short term loans
• Hardship loans
• Business credit card options
• ‘Interest Only’ options on a case-by-case basis

The BNZ Business Finance Guarantee Scheme loan application can be found at: www.bnz.co.nz/BFGS