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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.
Picture: GettyImages
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Broker Finance Bloom can help you get a secured or unsecured loan to help your business bloom.
If you want to reduce your taxable income but get something for it, such as your next car, you can consider salary sacrificing it with a novated lease. Find out exactly how it works and if its right for you.
Is signing up as an UberX driver worth it? Use the calculator and read our guide to find out how much you might expect to make.
Get an estimate of how much you can borrow and be better prepared for your home loan search.
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.
Borrow up to $500,000 with a secured car loan from Simplify, and get help finding the best deal for your preferred vehicle .
Find out more about choosing your contribution rate, employer and government contributions and what happens when your circumstances change.
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