ASB says Business Finance Guarantee Scheme extension will save jobs and businesses

ASB supports the Government's decision to extend the Business Finance Guarantee Scheme (BFGS) to a broader group of customers, describing it as a timely lifeline for businesses.

ASB has already approved more than $40 million of new lending under the current BFGS scheme but the eligibility and lending criteria originally set by the Government meant some customers couldn’t access it.

ASB's executive general manager Business Banking Tim Deane says, "We want to help as many customers as we can through this challenging time. It’s great to see the terms of the scheme improved along with access to the scheme widened to include more Kiwi business customers impacted by the economic effects of COVID-19."

Mr Deane says the return to heightened alert levels across the country has added more stress for many business owners who were just starting to clearly understand, and respond to, the impacts on their businesses following the initial nationwide lockdown.

"The BFGS complements ASB's own COVID-19 business support package which has been accessed by more than 10,000 ASB business customers to date. We’re confident these changes to the scheme and extra support from the Government will help many businesses stay afloat and keep more Kiwis in employment," says Mr Deane.

"This is about doing right by our customers and helping them to build resilience. Every business is unique. There are no one size fits all solutions. Which is why we are focused on providing customised guidance and advice. 

"ASB customers can now register their interest in the extended BFGS at asb.co.nz/covid-19 and one of our dedicated team of specialists will be in touch to help tailor the level of support that works for their circumstances.

"In the meantime, we would like to encourage small-to-medium business owners across the country to utilise our ASB Business Hub. It is an online platform of information, resources, tools and partner deals to help all Kiwi businesses navigate through this new operating environment as they rebuild their business and look to grow again," concludes Mr Deane.

More information can be found at businesshub.asb.co.nz

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