Westpac NZ is ready to help businesses transition away from reticulated gas with discounted lending and extended repayment terms of up to ten years through the Government’s Gas Transition Loan Guarantee Scheme.
Applications for the discounted lending are open from today on a first-come, first-served basis for eligible businesses looking to move to alternative energy sources.
Westpac NZ Head of Corporate and Commercial Banking, Joanne Freeman, says the bank has been a market leader in financing businesses’ energy transition needs, and is here to help others future-proof their operations.
“We’re pleased to be working with the Government to get discounted lending out to businesses for their long-term benefit,” Ms Freeman says.
“A large swath of businesses who use gas in their operations could be eligible, from restaurants and hospitality venues to hotels, processing plants and large scale producers of food, dairy, biofuels and more.
“Even if your business isn’t eligible, we have a range of sustainable finance solutions offering discounted lending that may be available to you.
“In addition to participating in this scheme, we’re helping build stronger businesses, stronger communities and a more resilient Aotearoa through our commitment to increase sustainable lending to $9bn by 2027.”
Ms Freeman says now is a good time for businesses to think about moving away from gas as supplies dwindle and pricing becomes less certain.
“The impacts of the Middle East conflict over the last few months have brought energy resilience to the front of mind for Kiwi households and businesses. Westpac research shows we’re adapting well, but supply chain disruptions and falling gas reserves have increased the urgency for businesses to act.
