Business banking support

We’re not just a bank, we’re a Kiwi bank, so we want to ensure you and your business are supported through the challenges we all face with COVID-19. On this page, you'll find information on Kiwibank's COVID-19 Relief and Resilience programme as well as information on the Government's Business Finance Guarantee Scheme loan.

Last updated: 3.00pm, 08.05.2020

What's on this page

On this page, you'll find information on:

  • Kiwibank COVID-19 Relief and Resilience programme
  • Business Finance Guarantee Scheme loan
  • Other Government support
  • ACM cash pickups.

Kiwibank COVID-19 Relief and Resilience programme

We know many of you are facing significant financial stress as a result of COVID-19 and the effect the lockdown will have on your business. We’ve come up with a range of initiatives as part of our Kiwibank COVID-19 Relief and Resilience programme to try to support you and your business through these difficult times.

We encourage you to get in touch with us as soon as possible so we can work with you during this time. The best way to do that is to fill out this form. We’ll assess your situation and work with you to determine a way forward. Please don't call us to apply for support as we'll need to ask you to complete the form first.

Depending on your circumstances, the support we can offer could include:

  • Temporary overdraft: you may be eligible for a temporary additional overdraft for up to 180 days.
  • Interest-only business lending: you may be eligible for interest only business lending for up to six months.
  • Repayment deferral: you may be able to defer payments on your business lending for up to six months.
  • Early access to investment products: if you need early access to Term Deposit or Notice Saver funds.

Automatically applied benefits:

  • Merchant services: To provide additional help and support for our business banking customers, we're waiving contactless fees on debit card transactions from 25 March 2020 to 30 June 2020. Merchants will receive a refund of these fees when their merchant service fee is charged for the month.
  • Business Mastercard: We've temporarily reduced the standard interest rate on the Kiwibank Business Mastercard from 16.90% p.a. to 9.95% p.a. from 15 April 2020 to 15 July 2020. This means any interest charged on statements issued between those dates will be applied at this lower interest rate. This applies regardless of when you made the transaction or when interest started to accrue. Statements issued 16 July 2020 onwards will have interest charged at the standard interest rate.

Eligibility

To be eligible for support, you must be an existing Kiwibank business banking customer who has had or will have a reduction or total loss of income due to COVID-19. Credit, lending and other criteria may apply depending on the type of help required.

Apply for COVID-19 support

You can talk to us about options for your business by completing the Kiwibank Relief and Resilience programme form or applying for the Business Finance Guarantee Scheme loan.

Kiwibank Relief and Resilience programme

If you'd like to apply or chat through your options, complete our Kiwibank COVID-19 Relief and Resilience form.

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Business Finance Guarantee Scheme loan

If you'd like to apply for the Business Finance Guarantee Scheme loan form.

Apply now

Our hardworking team will get back to you as soon as they can. See latest estimated response times.

Business Finance Guarantee Scheme loan

Small and medium businesses are the backbone of the New Zealand economy and we’re here to support you through this difficult time. We’ve made new lending available through the government’s Business Finance Guarantee Scheme loan to help struggling businesses.

About the scheme loan

The Government has entered into an agreement with banks in New Zealand to support businesses facing hardship as a consequence of COVID-19 under the Business Finance Guarantee Scheme. This will assist customers who meet the criteria with liquidity or bridging finance in the form of a loan.

The business customer remains liable for the repayment of the loan including interest. The Government guarantee is in favour of Kiwibank, so if the business customer is unable to pay the loan, Kiwibank will first seek to recover the whole of the outstanding balance from the customer and any property given as security. The Government will cover 80% of the risk and Kiwibank will cover 20% of the risk in the event of any shortfall.

How much you can apply for

The maximum loan amount is $500,000 for a maximum of three years.

However, each business is different so consider what loan your business will need based on your industry and how long it will take to recover. What liquidity is required in the short and medium term?

Eligibility

  • The loan is required to meet urgent liquidity requirements while you deal with disruption caused by COVID-19.
  • You have to be an existing Kiwibank business banking customer.
  • Your business would need to:
    • Be negatively impacted as a result of COVID-19
    • Be a New Zealand-based business
    • Have an annual turnover of up to $80 million
    • Not represent an excluded activity or industry
  • Any existing committed facilities with us as at 14 April 2020 must remain available for your business to draw against, up to the relevant facility limit at that date.
  • Business Finance Guarantee Scheme loans are subject to credit and lending criteria.

Frequently asked questions

What won’t be covered?
  • Existing lending facilities will not be covered by the Business Finance Guarantee Scheme loan.
  • Loan proceeds are not available to cover: capital assets/projects, distribution of dividends, on-lending outside the borrower's group, or to refinance existing debt unless it was advanced on or after 16 March 2020 and had a term of no more than 180 days.
  • Businesses involved in property development and/or property investment are excluded as are other activities as defined by the scheme.

If your application is successful, you'll be required to enter into Kiwibank's standard loan agreement and supporting documentation for this offer including providing any necessary security.

How will the loan be repaid?

Please note that the Government guarantee is in favour of Kiwibank. As with any loan, you'll remain responsible for paying the full amount including interest. Regular loan repayments will cover principal and interest on your loan. Depending on your individual circumstances, there may be additional support options such as interest-only or repayment deferment.

The maximum loan term is three years.

What information would I need to provide about my business for the loan application?

Normal bank lending criteria will apply.

We'll need information to make an assessment on your loan application. You'll need to supply us with your latest financial information, recent management accounts, and your debtor and creditor positions. Information is required by Kiwibank to understand how your business is impacted by COVID-19 and your future plans.

How does my business apply?

Apply for the Business Finance Guarantee Scheme loan by filling out this form and one of our business banking team will be in touch with you. You can also contact your Relationship Manager directly.

What activities or industries are excluded?
  • Residential or commercial property developers and investors;
  • The manufacture of cluster munitions;
  • The manufacture or testing of nuclear explosive devices;
  • The manufacture of anti-personnel mines;
  • The manufacture of tobacco;
  • The processing of whale meat;
  • The manufacture or distribution of recreational cannabis;
  • The manufacture of civilian automatic and semi-automatic firearms, magazines or parts;
  • Any activity which is illegal in New Zealand.

Subject to changes in Business Finance Guarantee Scheme loan rules.

Apply for COVID-19 support

You can talk to us about options for your business by completing the Kiwibank Relief and Resilience programme form or applying for the Business Finance Guarantee Scheme loan. This is the most effective way to contact us. Our hardworking team will get back to you as soon as they can. See latest estimated response times.

Other Government support

The Government also has a raft of other initiatives to support the economy and New Zealand businesses, that have been significantly impacted by COVID 19. These include a small business cashflow scheme and a wage subsidy scheme.

See more about the Government support available for businesses on covid19.govt.nz. If you’re not sure what Government assistance you might be entitled to, you can call the free Government helpline 0800 779 997 between 8am - 1am, seven days a week.

ACM cash pickups

If you are a business that continues to operate and you take large amounts of cash, we have a cash pickup solution that may be of interest. ACM will pick up your cash directly from your business.

To find out more or to organise the ACM service, contact your Business Banking Relationship Manager, or if you don’t have one get in touch with our experts through our talk to an expert form.

Support for personal banking customers

If you're a personal banking only customer, see our updates on our personal banking products and services.