Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


BNZ brings financial relief to drought-affected farmers

BNZ brings financial relief to drought-affected farmers

BNZ today announced a package to provide immediate financial relief for affected farmers, in anticipation of the government's drought declaration being extended beyond the Northland region.

The bank is empowering front line staff to offer immediate overdraft approval of up to $100k at a special 6% interest rate alongside immediate access to emergency family funding of up to $10,000. Additional funds are available if required through normal approval channels. The package has been rolled out across the country to provide much needed relief from the financial pressure caused by this summer’s unusually low rainfall.

BNZ head of Agribusiness Richard Bowman says while the drought hasn't been officially declared in many areas, farmers and their families are finding it tough now.

“Right now farmers need fast access to funds as they’re coming under enormous pressure with the challenge of feeding their stock. This could result in increased feed costs, reduced production and reduced stock prices as they off-load surplus stock, placing further strain on cash flows.

“We want to offer them some breathing room to make the right business decisions while they protect livestock and look after themselves and their families."

To further support rural clients during what has been a difficult few months, the bank will make donations of $5,000 to each local Rural Support Trust chapter in a declared a drought zone and has developed a financial planning tool, available via the Rural Support Trusts and BNZ Partners, to assist farmers to assess their own requirements when faced with an adverse climatic event.

The relief package is not limited to declared drought areas and is open to BNZ agri-customers adversely affected by the dry weather. Mr Bowman estimates that the majority of the bank's agri customers in drought affected areas will be affected in some way by the issue.

The funding can be used for any additional working capital requirements arising from the additional costs or loss of income associated with the drought.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news