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ASB Reinforces Its Support For Kiwi Businesses With Its Competitive COVID-19 Overdraft Facility Rate
ASB has helped over 8,600 business customers providing more than $4 billion across its various relief packages since the COVID-19 situation started to impact New Zealand.
“We are here to help Kiwis, and we’re doing that in a range of ways by working with our business customers on a case-to-case basis to ensure we’re providing the best support that suits their individual situation.
“The reality is starting to hit for many of our small business customers, but key has been how quickly customers have sort out advice, help with what assistance is available or discussed different scenarios or forecasts to help with cashflow.
“As a result of those conversations, ASB has approved $123 million of business temporary or permanent overdraft facilities at the significantly lower rate of just 2.95%,” explains ASB executive general manager Business Banking Tim Deane.
This is in addition to the Government’s Business Finance Guarantee Scheme along with ASB’s existing support for small business customers, including access to business working capital, early access to term investment funds, interest only options and loan deferrals.
“A total of $1.5 billion of loans have had a six-month deferral put in place, while another $2.7 billion of loans have been moved to principal relief arrangements. ASB has also waived fees on more term deposit breaks, unarranged limits and working capital and overdraft facilities, to a total of $184 million to date,” says Mr Deane.
“As the country prepares to move to Alert Level 3, it’s timely to remind small business owners that there are also free ASB tools they’re welcome to access which can also help improve business efficiency. For example, Vonto – which is a mobile app to help them manage and forecast costs,” concludes Mr Deane.
All the information customers need is kept up-to-date on the ASB website at asb.co.nz/covid-19.
ASB Bank
Helping you get one step ahead.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
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