Finance green business growth
Westpac NZ has unveiled a new sustainable equipment finance loan aimed at supporting Kiwi businesses in reducing their climate impacts.
The initiative offers a competitive five-year financing option for the purchase of sustainable assets such as electric or hydrogen-fueled vehicles, and other machinery and tools that contribute to lowering a business's carbon footprint.
Benefits of Westpac NZ’s sustainable equipment finance loan
Reuben Tucker (pictured above), Westpac NZ’s GM of institutional and business banking, explained the dual benefits of the new loan: enhancing sustainability and reducing operational 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,” Tucker said.
He also noted that many customers expressed a desire to enhance their sustainability practices, which often leads to long-term savings, although initial investments can be challenging.
“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,” Tucker said.
Support across the business spectrum
The loan is part of Westpac's broader strategy to support all sectors in transitioning to more sustainable practices.
Last year, the bank launched its sustainable farm loan and sustainable business loan, catering to the agricultural sector and larger businesses with projects such as green buildings and waste reduction.
Westpac also provides low-interest loans for personal electric vehicles and home energy efficiency improvements.
“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,” Tucker said.
Supporting small businesses for future growth
Tucker emphasised the importance of supporting small businesses in their sustainability efforts and encouraged business owners to engage with the bank to discuss their aspirations.
“We’re aware that small businesses are sometimes unsure where to start when it comes to making their operations more sustainable,” Tucker said. “Our dedicated business bankers around the country are here to have those conversations and help get Kiwi businesses on the right track.”
See LinkedIn post here.
See the Westpac NZ media release here.
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