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Support for NZ growers following cyclones Farmers and growers affected by recent weather events will receive help to secure cheaper loans, rather than be given cash, the government has announced.
government to provide concessionary loans and equity finance for land-based primary sector producers of up to $4m per business, from a fund of up to $240m. “It will provide a way for businesses to fully re-engage with lenders at a later date, once we have Hawke’s Bay Growers previously asked for helped them get back on their feet.” $750 million to cover costs created by To be eligible, a business Cyclone Gabrielle. must have had insurance, Emergency management lost 30 per cent or more of minister Kieran McAnulty its uninsurable productive made the announcement capacity because of the on Thursday, June 29, at weather events, and be Taylor Corp Packhouse in able to show it has a Waiohiki, Hawke’s Bay. reasonable prospect of Two schemes have returning to being a been designed to allow viable business. banks to support farmers It must also have sought and growers. and failed to receive lending from commercial Relief lenders - a firm would not First, the North Island be immediately eligible Weather Events Loan for support if it has simply Guarantee Scheme will Minister Kieran McAnulty and Tukituki received less financing provide relief to firms MP Anna Lorck. Photo: RNZ/Lauren Crimp. that it desired from its seeking commercial commercial lender. lending. It leverages the Crown’s financial strength by carrying 80 per Recovery costs cent of the credit risk on covered loans, allowing Horticulture New Zealand worked with the banks to reduce interest rates and offer more government on designing the scheme. flexible terms. Chief executive Nadine Tunley says many It will support loans of up to five years for up to businesses are still grappling with funding repairs $10m, including the refinancing of existing loans and rebuild efforts, and she hoped this would at lower interest rates. relieve the pressure. The government says businesses with an LeaderBrand’s chief executive Richard Burke average amount of debt could save between welcomes the package. $45,000 and $225,000. “Businesses like ours provide hundreds of It should be up and running by the end of July. thousands of jobs for people in the regions.” Financial access Minister of Finance and Cyclone Recovery Grant Robertson says the government is not able The second scheme, the NIWE Primary Producer to pay the full cost of the recovery. Finance Scheme, will provide access to capital for “This package has been carefully designed to affected growers and farmers unable ensure banks continue to play an integral role in to access lending without support, targeted the recovery,” he says. towards businesses like to become commercially It comes on top of $2 billion committed so viable again, but currently unable to access far - $74m in grants to farmers and growers, $1b commercial finance. flood and cyclone recovery package as part of McAnulty says the scheme enables the
Budget 2023, and $6b committed for a national resilience plan to focus on “building back better”. Government inquiry into response announced Cabinet has decided to establish a government inquiry under the Inquiries Act 2013 to review the response to the severe weather. McAnulty says it’s “normal practice for local Civil Defence to review the response to a severe weather event, regardless of size”. “Given the significance of Hale, Auckland floods and Gabrielle, it
is appropriate that a government inquiry is set up. “It will be led by former GovernorGeneral Sir Jerry Mateparae.” He says affected communities, including rural, Māori and Pacific communities, have raised concerns about communication and support during the response. “There are lessons to be learned. “It is important we incorporate these into our systems so we can continue to improve.”
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