ASB launches NZ's first Rural Environmental Compliance Loan

Monday, 25 February 2013, 10:08 am
Press Release: ASB Bank

Media Release
Monday 25 February 2013

ASB launches New Zealand’s first Rural Environmental Compliance Loan

ASB has launched New Zealand’s first Rural Environmental Compliance Loan, which provides a low cost funding option to assist farmers to get the balance right between productivity and environmental sustainability.

The new product is targeted at farmers looking to invest on-farm to upgrade their environmental compliance systems. It is competitively priced at ASB’s cost of funding with no additional customer margin applied.

ASB recognises the farming sector is the driving force of the New Zealand economy and that it is important that New Zealand’s farmers get the balance right between productivity and environmental sustainability, and organisations like ASB help them to achieve this.

“We have developed the Rural Environmental Compliance Loan in response to feedback from our rural customers,” says Mark Heer, ASB General Manger Rural.

“Farmers consistently tell us that they are doing their best to ensure that their farms are operating to the highest environmental standards. However, the reality is that there can be considerable costs associated with upgrading systems, including the fencing of waterways, which are all part of operating an environmentally-responsible farm.”

“At the same time, local government regulations have been tightening around the management of effluent, nitrate leaching and water usage on farms so farmers must ensure they are compliant or risk fines. Farmers are facing all these pressures while at the same time trying to focus on the productivity and profitability of their business.”

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“In offering this new loan, ASB wants to be part of the solution by providing farmers with a low cost funding option to get their farm to where it needs to be to remain compliant and profitable. This will make sure that New Zealand farmers maintain their global advantage and maximise opportunities,” concludes Mr Heer.

Loans are available to New Zealand farmers for environmental compliance purposes up to a maximum of $200,000 and over a maximum five-year term.

For more information visit asb.co.nz/comply

ENDS

ASB Bank

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