Fonterra’s $3.2b capital return to farmers set to boost rural incomes and NZ economy
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
The bank says the ASB ACCESS programme will support food and fibre exporters that are at a critical scale-up phase, taking a broader approach to lending, beyond traditional thinking and measures of risk and returns.
ASB chief executive Vittoria Shortt says the bank is aware of many innovative, ambitious and sustainably minded Kiwi exporters that are ready to take the next step but require the capital to do it.
“In establishing ASB ACCESS, we’re thinking differently about how we can change to meet the needs of the businesses of the future,” says Shortt. “This programme is about being more flexible and supporting our food and fibre entrepreneurs based on the potential we see in them and their businesses.
“For example, we are in discussions with producers of plant-based foods, alternative proteins, microalgae nutrition and agri-technology from around Aotearoa,” she says
Shortt claims that with the backing of the ASB ACCESS programme, those exporters will be able to scale to meet market demand.
“ASB has a purpose to accelerate progress for all New Zealanders, financially, socially, and environmentally, and ASB ACCESS is one of the ways we are looking to do this, by taking a more purpose-driven approach to lending,” says Shortt.
Eligible food and fibre businesses will be backed with advice, connections and support with international trade, and ASB is working alongside government agencies, industry groups, local business accelerators and global innovation platforms to facilitate this.
“New Zealand produces high quality products from the land and sea, and we are committed to working with producers to ensure this value is captured in a purposeful and environmentally sustainable way. Through ASB ACCESS we’re partnering with our customers to help them grasp the economic and global potential that lies ahead,” says Rebecca James, executive general manager, business banking.
The programme will initially be piloted with around six eligible businesses, with a view to expansion if the pilot proves successful.
Food and fibre businesses that would like to talk to ASB about their eligibility for the programme should email This email address is being protected from spambots. You need JavaScript enabled to view it. to register their interest.
