UPDATE: Covid-19 impact on global and local economy. We are here to support your business.
During early February and March we wrote about the emerging Covid-19 in China and the impacts we were seeing in key industries such as forestry, tourism, agriculture and fisheries. As you will be aware from the wider media coverage Covid-19 has moved from being a Chinese health and supply chain issue, to a global pandemic with serious economic consequences. Like most crisis, the situation is developing fast, has uncertain outcomes, and leads to a loss of business and consumer confidence. There will be few businesses in New Zealand not impacted in some form. We should not overlook the genuine health concerns many in the community will have.
Over the last six weeks our team has worked hard to support Finance New Zealand clients impacted by Covid-19 in China. With the support of our funding partners, we have worked to ensure the appropriate financial relief solutions are in place to reduce the impact. The degree of assistance and the amount of information required by lenders does vary. We have programs in place with most lenders, and can smooth the process of applying for financial relief.
If your business has been, or appears that it will be, materially impacted it is important that you talk to your Finance New Zealand Business Partner and we engage with lenders on your behalf. Depending on your individual situation we may be able to assist with any of the following:
- Reducing or suspending principal payments on loans and temporarily moving to interest-only repayments
- Help with restructuring business loans
- Consolidating loans to help make repayments more manageable
- Providing access to short-term funding
We welcome the Covid-19 support package released by the government. You can read more on the announcement with further information here. The support package contains a range of measures including wage subsidies, leave payments to those unable to work because they are in self-isolation, sick with Covid-19 or caring for dependents in those situations. It is likely that more assistance is to come, and we expect the fiscal relief in this and future announcements to help mitigate some of the impact on businesses.
Of course all of our “business as usual” funding options remain available. Our ability to arrange lending for working capital, property, asset finance, motor vehicle finance and general business finance remains unchanged. Many of our key industries such as civil construction, transport, property and manufacturing generally had a positive start to 2020, with minimal Covid-19 impact until the later part of last week. We are fortunate to have options across a wide range of funding partners to work with.
Our key message is to talk to your Finance New Zealand Ltd Business Partner. They are here to help. We have a strong business, cumulatively 550 years of commercial lending experience, and are well equipped to help your business through these fast changing economic times, and then through the recovery that will follow.