Westpac NZ has launched a new Sustainable Equipment Finance Loan, supporting Kiwi businesses to reduce their climate impacts.
The new loan provides a competitive five-year rate for business customers. It can be used to purchase a range of sustainable assets, including electric or hydrogen-fuelled vehicles for business purposes, as well as for machinery, tools and equipment that will help reduce a business's carbon footprint.
Reuben Tucker, Westpac NZ GM Institutional & Business Banking, says the new loan will help customers to improve their sustainability while also reducing business costs.
"We're committed to powering a more sustainable New Zealand and helping our customers make that a reality, including small businesses, which are the engine room of our economy," Mr Tucker says.
"Many of our customers have told us they want to improve the sustainability of their operations and in many cases this can lead to long-term cost savings. However, the upfront investment required can be prohibitive.
"With our new Sustainable Equipment Finance Loan, we can offer customers discounted lending to spread the cost over five years when they purchase a sustainable asset for their business.
"We know that more efficient assets can help a business's bottom line by reducing operating costs and contributing to better efficiency and productivity."
Mr Tucker says Westpac is committed to supporting small businesses and wants to encourage business owners to talk to the bank about their lending and growth aspirations.
"We're aware that small businesses are sometimes unsure where to start when it comes to making their operations more sustainable. Our dedicated business bankers around the country are here to have those conversations and help get Kiwi businesses on the right track."
Last year Westpac introduced its Sustainable Farm Loan to help farmers and growers to improve sustainability practices and build resilience, as well as its Sustainable Business Loan, which supports larger business customers to fund sustainable projects like green buildings, waste reduction, and social and affordable housing.
The bank also offers low-interest EV personal loans and home-loan top ups to help consumers make their homes and transport more energy-efficient.
"We are working hard to support Aotearoa's move to a net zero economy and it's fantastic to now have a sustainable banking solution for all of our customers, from first-homeowners through to some of New Zealand's biggest companies," Mr Tucker says.
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