ASB Welcomes Business Finance Guarantee Scheme Extension With An Interest Rate Cut

Wednesday, 16 December 2020, 4:30 pm
Press Release: ASB Bank

ASB has cut its Business Finance Guarantee Scheme (BFGS) interest rates to help ensure more businesses benefit following the scheme’s latest extension, announced by the Government today.

The revised Government scheme includes more flexibility and extends the deadline for BFGS applications from 31 December, 2020 until 30 June, 2021. While all BFGS lending is priced individually and at a substantial discount on normal rates, ASB today announced a discount on current BFGS term loan rates of 0.30%.

ASB's executive general manager Business Banking Tim Deane says, “The extension of the BFGS scheme is welcome news as it will enable ASB to help even more Kiwi businesses. We want to help make the extension even more impactful by adding our support with a rate discount of 0.30%. These rates will be available to new and existing BFGS customers from 18 December. This is about doing right by our customers, and the New Zealand economy more broadly.”

"Nearly 300 customers have accessed the BFGS to help manage cashflow, maintain operations, and meet payroll over the past few months. The latest move means even more Kiwi businesses will be able to use this financial support.

"ASB customers can register their interest in the 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.

"We again 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 and optimise through this new operating environment, especially as we head into the important summer trading season," concludes Mr Deane.

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