Westpac NZ is making a $100 million commitment to lend to start-up businesses, providing a helping hand to small business owners and entrepreneurs throughout the country.
According to recent research by Westpac, 35% of small business owners surveyed cited access to capital and funding as one of their biggest challenges. And just 23% said they currently had access to all the funding they needed for their business.
Cat Feaunati, Westpac NZ Head of Business & Virtual Banking, says the announcement demonstrates Westpac's support of this sector.
"We know small businesses are the backbone of our economy and we want to help more people get started on their journey," Ms Feaunati says.
"Many start-ups will need funding to help realise their growth ambitions and that's where we come in.
"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.
"Our bankers are always keen to get closer to business owners to talk to them about their ambitions and how we can best support them.
"Whether it's investing in equipment or funding your first ingredient order, we want to help New Zealanders who have great business ideas to take that first step."
Aspiring business owners will 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," Ms Feaunati says.
"Any business owner who has been operating for less than two years is able to apply for this lending."
The Westpac NZ website has a range of guides and resources to help people put those plans and forecasts together. People interested in applying for lending can call Westpac's business specialists on 0800 288 101 or request a call back via the Westpac website.
Westpac has just launched a new Closer advertising platform, including a TV commercial that captures the emotion involved in running a business.
Lending criteria applies to all applications for finance. Terms, conditions, fees and charges apply.
