Changes to BFGS a big helping hand for Kiwi businesses

20/08/2020

Kiwibank today welcomed the expansion of criteria which will allow more Kiwi businesses to benefit from the Government’s Business Finance Guarantee Scheme.

Kiwibank Chief Customer Officer for Business Quentin Quin said: “With the expanded criteria we know we’ll have a whole lot more of our business customers who are going to qualify for this scheme. We expect many business clients will be in touch with us immediately and we’ve set up a fast form on our website to streamline enquiries.

“This announcement comes at a time when businesses are grappling with a second outbreak of COVID and the restrictions and uncertainty that brings.

“On the whole Kiwi businesses are determined to get through this, and our business banking customers are telling us that they remain positive despite this latest outbreak. For those in the business of construction and manufacturing we’re seeing strong performance.

“At the same time, we know some industries are struggling. Those that rely on high foot traffic such as the hospitality sector and those that haven’t been able to change their business model or embrace digital sales channels are needing support from their banking expert, which is where we come in.”

Mr Quin said the bank’s focus right now was understanding the needs of its business banking customers so that it could provide the very best advice, in the short and medium term.

Kiwibank has a range of initiatives as part of its COVID-19 Relief and Resilience programme to support business. As well as the Business Finance Guarantee Scheme, other ways Kiwibank is supporting business customers are:

  • Our recent 1% reduction in variable/flexible business loans and overdraft rates
  • Temporary overdraft
  • Interest-only business lending
  • Repayment deferral
  • Early access to investment products

For more information on the types of support available, please visit COVID-19 business support.


Media contact: External Communications Manager Kara Tait 027 475 3521, kara.tait@kiwibank.co.nz