ASB Reinforces Its Support For Kiwi Businesses With Its Competitive COVID-19 Overdraft Facility Rate

Wednesday, 22 April 2020, 1:45 pm
Press Release: ASB

ASB has helped over 8,600 business customers providing more than $4 billion across its various relief packages since the COVID-19 situation started to impact New Zealand.

“We are here to help Kiwis, and we’re doing that in a range of ways by working with our business customers on a case-to-case basis to ensure we’re providing the best support that suits their individual situation.

“The reality is starting to hit for many of our small business customers, but key has been how quickly customers have sort out advice, help with what assistance is available or discussed different scenarios or forecasts to help with cashflow.

“As a result of those conversations, ASB has approved $123 million of business temporary or permanent overdraft facilities at the significantly lower rate of just 2.95%,” explains ASB executive general manager Business Banking Tim Deane.

This is in addition to the Government’s Business Finance Guarantee Scheme along with ASB’s existing support for small business customers, including access to business working capital, early access to term investment funds, interest only options and loan deferrals.

“A total of $1.5 billion of loans have had a six-month deferral put in place, while another $2.7 billion of loans have been moved to principal relief arrangements. ASB has also waived fees on more term deposit breaks, unarranged limits and working capital and overdraft facilities, to a total of $184 million to date,” says Mr Deane.

“As the country prepares to move to Alert Level 3, it’s timely to remind small business owners that there are also free ASB tools they’re welcome to access which can also help improve business efficiency. For example, Vonto – which is a mobile app to help them manage and forecast costs,” concludes Mr Deane.

All the information customers need is kept up-to-date on the ASB website at asb.co.nz/covid-19.

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