15 July 2014
BNZ offers financial relief to Northland’s storm affected farmers
BNZ today announced a package to provide immediate financial relief for Northland farmers affected by last week’s storms.
BNZ’s emergency storm package will offer Northland farmers affected by the storms:
• Access to $10,000 immediate emergency funding at a special discounted rate of 6% to assist clients who have dire needs regarding personal welfare.
• A temporary (six month) overdraft of up to $100,000 at a special discounted rate of 6%
• No application fee.
Additional funds are available if required through normal approval channels.
The package is available from today to provide much needed relief from the financial pressure caused by the unusually stormy conditions experienced in Northland.
BNZ Northland managing partner, Sam Johnson says that unexpected extreme weather conditions coming at a critical time of the farming year, place significant short-term financial pressure on farmers and their families.
Right now Northland farmers need fast access to funds. They’re under enormous pressure due to the loss of income as a result of losses from the storms compounded with unexpected costs for additional feed as well as pasture and crop regeneration, which means cash flow is a significant issue.
“We want to offer some financial relief to allow farmers the time they need to make the right business decisions, protect livestock and look after themselves and their families,” says Mr Johnson.
Mr Johnson also urged any farmers worried about cash flow to speak to their accountant or bank as soon as possible.
“Short term cash flow issues are generally easily addressed, but it is important to tackle them early before the problems get bigger,” he says.
The relief package is open to BNZ agri-customers in Northland affected by the storms.