COVID-19 support: Government Business Finance Guarantee Scheme

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Who is this available for?

The Government Business Finance Guarantee Scheme is designed to assist eligible New Zealand based businesses with an annual revenue up to $200 million to deal with the disruption caused by COVID-19. Funds are limited and specific eligibility criteria and loan exclusions apply (see below).

Key information

The purpose of these loans is to help New Zealand businesses facing hardship as a consequence of COVID-19 to do one or more of the following:

  1. To respond to the impacts of COVID-19;
  2. To position themselves for recovery from the impacts of COVID-19; or
  3. To recover from the impacts of COVID-19.
  • Maximum loan per eligible business up to $5,000,000.
  • The loan is for a maximum of 5 years and must be repaid over this time period.
  • Please note this is a loan and will add to the costs of running your business. As with any other loan, you remain responsible for repaying 100% of the loan and interest. You should not apply for an amount that you cannot afford to repay.
  • We will require usual security arrangements - please ask us for further details.

Industry exclusions

We are not permitted to make Business Finance Guarantee Scheme Loans available to:

  • a local authority, a council-controlled organisation or a council organisation for the purposes of the Local Government Act 2002; or
  • anyone who is classified by us in the follow categories: residential property investor or developer and commercial property investor or developer.

In addition, we are not permitted to make Business Finance Guarantee Scheme Loans available to anyone involved in:

  • The manufacture or distribution of recreational cannabis
  • The processing of whale meat
  • The manufacture of cluster munitions, anti-personnel mines, tobacco, and civilian automatic and semi-automatic firearms, magazines or parts
  • The manufacture or testing of nuclear explosive devices
  • Any activity which is illegal in New Zealand

In addition, loans can not be used for:

  • Distribution of dividends or on-lending outside the customer's guaranteeing group
  • Refinancing more than 20% of your existing debt with us. There are certain exceptions to the 20% limit - please contact us to discuss

Options if you're not eligible

Find out more about the number of ways we're supporting our business customers.

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