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COVID-19 support for business

Has your business been financially impacted by COVID-19? We have support options to help get you through.

Apply for business support

ASB Business Hub

Need help jumpstarting your business? With content about digitising your business and managing your cashflow, through to managing the impact of COVID-19 on business and how to optimise and create efficiencies, the ASB Business Hub is here to help you.

The hub also includes a range of customer stories, digitisation guides and discounted offers from our partners, such as Xero and MYOB.

Check it out

COVID-19 support options at a glance

We’re here to support your business and the current COVID-19 situation is no exception. Here’s a quick overview of how we could help take some of the pressure off your business’s finances.

Access to funds

Get access to emergency funds to help bridge the gap.

  • Apply for a 90-day overdraft facility
  • Apply for business working capital
  • Access your term investment early

Find out more

Relief from existing business lending

Reduce your loan repayments to relieve financial pressure.

  • Apply for interest-only repayments
  • Extend loan terms
  • Defer loan payments

Find out more

Refunds for interest payments and fees

Get money back for certain fees or interest paid, or have future fees waived.

  • Refund of default interest and fees on accounts over their limit
  • Line fee waiver on certain facilities

Find out more

Government support

Get help navigating the government package options and the Government Business Finance Guarantee Scheme.

Find out more

ASB’s credit and lending criteria, hardship eligibility criteria, terms and conditions apply. Business support offers are not applicable to Retail products or loans.

Accessing funds from loans and your existing savings

90-day temporary overdraft

We’ll charge a reduced rate of 1.50% p.a. below ASB’s housing variable rate.

You can apply for up to $200,000.

Business working capital

We’ll charge a reduced rate of 1.50% p.a. below ASB’s variable rate. 

You can apply for up to $200,000.

Early access to your term investments

If you have money in an ASB term deposit or ASB Term Fund and need that money now, you may be able to access some of it early.

You’ll need to be eligible and in genuine financial hardship.

ASB’s credit and lending criteria, hardship eligibility criteria, terms and conditions apply. Business support offers are not applicable to Retail products or loans. 

You can apply for multiple support options in this form.

Relief from existing lending commitments

Switch to interest-only repayments

Instead of paying back the principal and interest on your business loan, you may be able to pay just the interest for up to six months. This will reduce your loan repayments in the short-term, but it is important to note that this may mean your loan will take longer to pay off.

Defer your loan repayments

You may be able to temporarily pause your business loan repayments for up to six months. 

It’s important to know interest is still charged and added to the loan, meaning your loan balance will increase, and you’ll likely pay more interest overall. Afterwards, your repayments will likely be higher unless the loan term is extended.

We won’t charge re-documentation fees if you choose to defer repayments.

Extend terms for you loan

You could extend the term of your business loan to help reduce repayment amounts.

We won’t charge re-documentation fees if you choose to extend your term.

ASB’s credit and lending criteria, hardship eligibility criteria, terms and conditions apply. Business support offers are not applicable to Retail products or loans.

Refund or waivers on interest payments and fees

Waiver of default interest and fees

If your accounts go over their limit we won’t charge you default interest or any fees for exceeding the limit for up to six months.

Line fee waiver on credit facility for overdraft

You can apply for line fee waivers on Commercial Credit Facilities, Commercial Flexible Finance Facilities and Business Overdrafts for up to six months.

ASB’s credit and lending criteria, hardship eligibility criteria, terms and conditions apply. Business support offers are not applicable to Retail products or loans. 

Government support

Government support package

The New Zealand Government has released a package to help cushion the impact of COVID-19 on businesses and the economy. Information can be found on the website for the Ministry of Social Development.

  • Wage support and loan guarantees for business
  • Leave and self-isolation support
  • Business cash flow and tax measures
  • Small Business Cashflow Loan Scheme via Inland Revenue Website

Government Business Finance Guarantee Scheme

The Government Business Finance Guarantee Scheme is designed to assist eligible New Zealand based businesses with an annual revenue of up to $80 million to deal with the disruption caused by COVID-19. Learn more about the scheme here.

FAQs

Getting in touch

Calling us

For any queries, please contact your Relationship Manager or call 0800 272 222.

Branches: limited hours for essential services

Most of our branches are closed because of the COVID-19 restrictions.

Some branches are operating on limited hours, for essential banking services only. If you can, please use an ATM, online banking or the ASB Mobile app.

For the safety of you and our teams, only come to a branch if you have an urgent essential banking need. Please check that your branch is open before leaving home.

View available branches

Apply for support

Ready to apply for support or want more information?