File photo. Photo: RNZ / Nate McKinnon
The country's biggest bank is offering a new low interest loan scheme to help business customers recover from the recent severe weather in the North Island.
ANZ has launched its low interest Business Regrowth Loan, where eligible customers can borrow up to $300,000 at a special fixed rate of 3.49 percent per annum for up to three years.
The bank, which has allocated an initial $250 million to support the lending, said the loan can be used to replace assets and rebuild for the future.
The fund would initially be available to existing ANZ business and agri-customers affected by the significant weather events in the North Island this year.
But the bank said the new loan scheme would be extended to support businesses impacted by future adverse weather events, as they increased due to the effects of climate change.
ANZ said its rates were subject to change and would be reviewed at the time of a new event being added.
The initial regions covered by the Business Regrowth Loan were Northland, Auckland, Waikato, Bay of Plenty, Tai Rāwhiti, Hawke's Bay, Taraua and Wairarapa.
ANZ New Zealand chief executive Antonia Watson said the severe weather had a "huge impact" on its customers and regional economies.
"As New Zealand's biggest bank, we're committed to supporting our business customers with their recovery, ultimately leading to more resilient and sustainable communities," Watson said.
"Our customers are telling us that cost is one of the factors delaying investment. By removing some of that cost barrier, we hope to give businesses confidence to rebuild," she said.
ANZ said that alongside its Business Regrowth Loan, support may also be available to its customers through the government's North Island Weather Events (NIWE) Loan Guarantee Scheme, and Primary Producer Finance Scheme.
"There may soon be a combination of recovery funding solutions available for customers. Each situation will be different, and, while the terms of the Government's NIWE package are yet to be settled, it is our hope that these solutions will complement each other," Watson said.
