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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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Millions of Kiwis are anxious about their household finances according to new research by Finder, with rental payments causing the most stress. Find out how you can manage your finances during the outbreak.
Single parents often do it tough. If you are running low on cash and need to pay for things such as food, school items or even transport, a payday loan might be able to help you out of a bad situation.
Don’t stress if you need $1,000 cash urgently. Consider applying for a loan from a payday lender for a fast financial solution.
Many New Zealanders are now working from home because of the coronavirus outbreak. Find out what you can claim back on tax at the end of the financial year.
Learn about how TransferMate’s personal product works and what it can do for you.
