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It’s been a rocky start to the new decade for New Zealand businesses. Businesses are now having to face cancelled events, dwindling customers and supply chain disruptions as a result of the coronavirus outbreak. It’s taking a real toll on companies, particularly SMEs.
If you’re a business owner and facing financial issues as a result of the pandemic, there might be low or no-cost financing options that can help. Find out more about what business loan options are available during the coronavirus outbreak below.
The IRD, New Zealand government and banks are offering businesses various forms of support during this time of crisis.
The government has announced an initial $12.1 billion coronavirus relief package (since expanded), which sees small businesses benefit from cash handouts, tax relief and business loan holidays.
This package allows banks to defer principal and interest payments for loans to small businesses for six months if they have been affected by COVID-19. Banks can also choose to offer more favourable and tailored terms to small businesses who experience financial hardship.
Businesses with existing loans are encouraged to get in touch with their bank if they haven’t been contacted about their loans yet.
All businesses not classed as essential were asked to close as part of the Level 4 lockdown. As a business owner, it’s your responsibility to take measures to protect your employees during this time.
If you’re struggling to keep up with your finances – you’re not alone. You can save plenty of cash by doing some simple admin with your bills and expenses. Maybe switching credit cards or downgrading your mobile phone plan could save some money.
Managing your daily finances can help you get through this difficult time – You’ll be glad you did it.
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Broker Finance Bloom can help you get a secured or unsecured loan to help your business bloom.
Access business, trade or invoice finance for businesses of all sizes from ScotPac.
Need to purchase equipment, manage cashflow or expand your business? Borrow up to $2,000,000 with a loan from Mint Finance.
Looking to apply for a business loan? This business loan calculator lets you compare the cost of two business loans so you can see which is the best one to apply for.
If you’re looking for a car for your business, compare your finance options and get your business on the road with the right loan.
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Find out how to own and run your own McDonald’s franchise, and compare loans now.
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It can be hard for sole traders to get finance. This guide will take you through the types of loans available to sole traders and how to compare loans to find the right one for you.
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