New ANZ loan an ‘enduring solution’ for post-disaster business recovery

ANZ has unveiled a new low-interest business loan aimed at creating a more enduring solution for those in need of finance following extreme weather events like Cyclone Gabrielle.

ANZ CEO Antonia Watson visited farmers and food producers in Hawke’s Bay to announce the Business Regrowth Loan, which offers customers affected by extreme weather or climate-related events up to $300,000 of lending at a 3.49% interest rate for three years.

Ms Watson said the aim was to give some borrowing confidence back to businesses who are worried about the cost of debt, or maybe trying to struggle through on their own, while also creating a tailor-made loan which would be available quickly following future extreme weather events.

At the launch event at Peak House near Havelock North, Ms Watson told farmers that “the significant weather events this year have had a huge impact on our customers and regional economies.

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“This is very much a primary sector event - that is not to take away from the personal loss that many of the community have sustained - but the sector-wide impact has deeply hurt our food production system,” she said.

“We know cost is one of the factors delaying investment and by removing some of that cost barrier we hope to give businesses confidence to rebuild.”

Following the announcement, Ms Watson spoke with Porangahau Catchment Group representatives Hannah Morrah and Libby Tosswill about the concerns and opportunities for progress they are seeing and took a tour of Kelston Orchards’ apple packhouse and fields with owner Tony Harington.

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Ms Watson also visited and spoke with Rob Beard of Beard Brothers, who produce high quality sausages, patties and saveloys in Hastings.

Mr Beard was optimistic about Hawke’s Bay businesses continuing their recovery.

"After winter, there always comes the spring."

Rob Beard - Beard Brothers

Ms Watson said it was good to meet some Hawke’s Bay business owners and representatives from the farming community, especially to talk through and understand some of the impacts of Gabrielle from their viewpoint, as well as what they need going forward.

“Thriving businesses are at the heart of growth and prosperity in our regional economies - we need to be innovative in how the nation funds the recovery and rebuild,” she said.

ANZ has allocated an initial fund of $250 million to support the low-interest lending.

This initial fund is available to customers impacted by the North Island extreme weather events and will be extended to support businesses impacted by future adverse weather events.

ANZ Business Regrowth Loan

• Available: from 18 July 2023 to 16 Feb 2024 in respect of the North Island Weather Events.
• Special fixed interest rate: 3.49% for up to 3 years.
• Maximum loan: $300,000.
• Lending criteria, fees and terms apply.
• Rates are subject to change and will be reviewed at the time of a new event being added.
• Eligible customers: existing ANZ business and agri customers adversely affected by climate-related events (cyclones, flooding, droughts etc).
• Initial regions covered: Northland, Auckland, Waikato, Bay of Plenty, Tairāwhiti, Hawke's Bay, Tararua, Wairarapa.

Full information and eligibility criteria for the Business Regrowth Loan are available on the ANZ website.