Job Creation Loans Get to Work

Ten new loans totalling $3.8m and 41 jobs saved in our community. That’s the total so far for ASB’s $1 billion Job Creation Loans fund during its first month.

“This is a great result for New Zealanders”, says James Mitchell, ASB’s Head of Relationship Banking and Financial Services. “But it’s just the start. Interest from customers, both new and existing, about the business opportunities they have to create new employment or prevent people losing their jobs has been very encouraging. We have taken over 1,100 calls from businesses looking at job creation opportunities. The nature of the loan process means that there is a lag as customers get their information together and we confidently expect this total to grow significantly in future months.”

“The first loan approved under the scheme was a new client to ASB who wanted to purchase a complementary business. The Job Creation Loan was approved, resulting in both job retention of existing staff and two additional staff members. Without this loan they may not have been able make this move. It really is sending very positive messages to businesses.”

Referring to the ASB Job Creation Term Deposits, launched at the same time as the loan fund, James Mitchell says, “It has also been good to see people in the community supporting this initiative. Over 4,600 customers have opened Job Creation Term Deposits, with more than $370m of funds having been invested.”

ASB encourages existing and new customers to contact us if they think they may qualify for a Job Creation Loan. The minimum loan is $100,000 and the maximum is $10 million.

Following recent market interest rate rises, the interest rate on both Job Creation Loans and the Job Creation Term Deposits is now 5.25% per annum.

ASB has set up a special 0800 338 272phone line with job creation loan specialists available.