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New Zealand’s banks say they are standing by to help customers who are affected by the fuel crisis – but the 0 percent interest loans being offered in Australia aren’t on the table here.<\/p>\n
The Australian Banking Association said on Monday that Australian banks were supporting the roll out of zero interest loans under Australia’s National Reconstruction Fund’s A$1 billion Economic Resilience Programme.<\/p>\n
Banks would administer zero interest loans to businesses in identified priority sectors with an annual turnover of A$100 million or less seeking a loan of up to A$5 million.<\/p>\n
Association chief executive Simon Birmingham said banks recognised it was a challenging time for businesses grappling with fuel costs and supply chain disruptions.<\/p>\n
“Banks are stepping up to support the roll-out of these zero interest loans to businesses who are doing it tough as a result of the current conflict in the Middle East,” Birmingham said.<\/p>\n
“This will be important support for impacted businesses in areas such as freight and logistics, fuel, fertiliser and plastics manufacturing.<\/p>\n
“Business customers are urged to get in touch with their bank to discuss eligibility for these loans and how they can apply.”<\/p>\n
The Australian programme was being funded by the country’s government. The same has not been offered here.<\/p>\n
“All of our retail banks are standing by to assist customers, including businesses, who may be affected by the current fuel supply issue,” New Zealand Banking Association chief executive Roger Beaumont said.<\/p>\n
“We encourage anyone experiencing financial issues to contact their bank. The sooner you contact your bank, the better placed they are to provide options to suit your particular circumstances.”<\/p>\n