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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news