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.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news