ANZ says it aims to lend at least NZ$500 mln to start-up businesses over two years in an effort to help reduce unemployment

ANZ says it aims to lend at least NZ$500 mln to start-up businesses over two years in an effort to help reduce unemployment

ANZ New Zealand says it's launching a dedicated fund through which it aims to lend at least NZ$500 million over two years to start-up businesses.

Fred Ohlsson, managing director of ANZ Business Banking, said the fund comes with Statistics New Zealand figures showing business start-ups at their lowest level since at least 2000, meaning New Zealand risks becoming an “employment backwater” unless more is done to help people turn ideas into new businesses that will create jobs.

The fund also comes after ANZ in Australia last month said it would lend A$1 billion over one year to the small business sector.

In a statement Ohlsson said ANZ's start-up package included;

A dedicated fund of at least NZ$500 million over two years for new lending to support business start-ups across New Zealand

Streamlined process making it quicker and easier for those with viable business plans to secure start-up funding

No transaction fees for the first year on your ANZ Business Current Account

Free workshops across New Zealand, open to customers and non-customers with new business ideas

An online resource centre with free information and advice covering each stage of starting a business – available at anz.co.nz/bizhub

“Small firms with one to 20 staff are the engine room of the New Zealand economy, accounting for 90 per cent of businesses and one in three jobs. Our business start-up package reflects ANZ’s commitment to enterprise and is an investment in New Zealand’s economic future,” Ohlsson said.

He said business "deaths" had outnumbered business "births" over the last three years meaning the total number of companies has been in decline since 2009.

“It is alarming that nearly 30,000 fewer businesses were born last year than in 2004, yet new enterprises are the key to creating jobs. If we’re serious about getting unemployment down in New Zealand we must do all we can to boost business start-ups," said Ohlsson.

ANZ customers say there are two key things they require to get the confidence to start a business Ohlsson added. These are access to advice and tools, and access to capital.

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Sounds a bit of marketing spin. They will count the business they already do.
Drop in new businesses may be a result of slowdown in property and removal of LAQC's. I suspect many new businesses which show in stats are only formed as companies holding rental properties.

Of course it's marketing spin as banks are awash with money nobody wants to borrow.
But I say 'Good on them' - for one reason only - it's better to let would be businesses know there is someone out there with an intention to lend and the ability to deliver, than the long perceived notion that your idea will never kick start because you won't find the funding.
Let there be declared a new lending rates war amongst banks - this time in business loans rather than residential property!!
At least it could help provide some fuel to drive the lacklustre local economy - who cares how we compare to other OECD countries after 2008. We may be fareing better than most but it's not because our local/export businesses are going gangbusters - we are still stranding like whales...albeit in smaller pods!

What's the interest rate? Was 17% last time I was in business for a loan. That was with security? National Bank
Also how much would they lend? 
So ANZ have decided that the housing bubble is where they want to maintain it and are now going to focus on investment in true productivity. Well Done!!
 

Marketig spin probably as you lot above suggested.  It would be a wonderful act of charity if they actually did what they said they would do.  I wouldn't want to be the executive saying they will make a financial return from this though

lets hope its not another load of spin.
 
The ASB had a billion dollar fund, they only put about $30m to market so only 970m short.
first question on that application was do you own a house? not about the new product or service.
 
lets hope all those start ups Directors own a house because even if you have an anti gravity belt in your hands ,the first question will be do you own a home what security do you have....
 
with less New Zealanders owning homes now than ever 62% own a home 38% rent then business loans for start ups and take out of sucession of established companies will reduce with home ownership.
 
Might be an idea to get the banks criteria Gareth or you might become a cog in their marketing and spin campaign,