A major bank is committing $100 million in loans to help start-up entrepreneurs and small business owners. Photo: 123rf
Westpac NZ is committing $100 million in loans to help start-up entrepreneurs and small business owners realise their growth ambitions.
The bank said 35 percent of small business owners it surveyed cited access to capital as one of their biggest challenges, with just 23 percent able to access all the funding they needed.
Westpac NZ head of business and virtual banking Cat Feaunati said the bank wanted to help aspiring business owners, but they would still need to provide a robust business plan, cash forecast and statement of financial position to apply for lending.
"We know many business owners who are just getting started won't have full financial records to show us - asking people to instead put together a business plan will hopefully make that process a bit easier," Feaunati said.
"Any business owner who has been operating for less than two years is able to apply for this lending."
She said loans could be used to invest in such things as equipment or other costs to get the business off the ground, such as costs to fill new orders.
"We know small businesses are the backbone of our economy and we want to help more people get started on their journey," she said.
"We've grown our lending to small and medium sized businesses well ahead of the market over the last 18 months, supporting businesses throughout New Zealand to pursue their growth aspirations.
"We're keen to keep that momentum going into 2026, with the economic outlook set to improve."
She said businesses could visit the Westpac NZ website, which offered a range of guides and resources to help put business plans and forecasts together.
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