Weekly Digest – 6 January 2021
Happy New Year! We hope you had a relaxing holiday break and are raring to go in 2021.
Our first weekly digest of the new year includes the latest updates and ideas to help us all move forward.
NZ Tightens Border Again Amid Fears Over New COVID-19 Variant
As the spread of the new COVID-19 variant increases overseas, NZ has tightened its border controls. Those arriving from the US and the UK will now be required to show a negative test for the virus before departure, as well as taking a test on their arrival in quarantine in addition to those on days three and 12. The border remains mostly closed to non-citizens.
Business Finance Guarantee Scheme Open Until June
Business Finance Guarantee loans can help small and medium businesses access credit for cashflow, capital assets and projects related to, responding to or recovering from the impacts of COVID-19.
All New Zealand registered banks and non-bank deposit takers (non-banks) are eligible to apply to join the scheme. Current participants are:
- Banks: ANZ, ASB, BNZ, Heartland Bank, Kiwibank, TSB, Bank of China and Westpac.
- Non-banks: Nelson Building Society.
Depending on your circumstances, you may be able to access credit from either a participating bank or a non-bank, but not both.
If you borrow from a bank, it will determine the amount you can borrow and the length of the term up to a maximum of $5 million payable in five years. Meanwhile, if you borrow from a non-bank, the maximum amount is $3 million payable in five years. More information on eligibility criteria and how it works can be found here.
Applications for Business Finance Guarantee loans are open until 30 June 2021. If you need assistance or have any questions, don’t hesitate to drop us a message.
Small Business Cashflow Scheme Extended Until 2023
The Small Business Cashflow (loan) Scheme has been extended until 31 December 2023.
Organisations and small to medium businesses, including sole traders and the self-employed, may be eligible for a one-off loan with a term of 5 years if they have been adversely affected by COVID-19.
The maximum amount loaned is $10,000 plus $1,800 per full-time-equivalent employee. The annual interest rate will be 3% beginning from the date of the loan being provided. Interest will not be charged if the loan is fully paid back within 2 years.
You can find out more here, or simply get in touch with us so we can provide our professional assistance.
Kiwi Business Boost Tool
The Government has funded specialist consultancy support services to provide advice to businesses who need it. You can use the Kiwi Business Boost Tool to find out what services are available in your region.
The Treasury website’s COVID-19 Economic Response Measures can also provide more information on the range of supports available to businesses.
Business New Year Planning Tips
Make the next 12 months more profitable and productive with these tips for business New Year planning.
- List out the three most important goals and critical ‘big picture’ accomplishments that you want for your business. Identify WHAT, HOW, and WHEN will you do the steps to achieve these.
- Evaluate what still works and what no longer works for your business. Don’t be afraid to try out something new, perhaps even what seems risky.
- Set monthly metrics and quarterly goal-planning reviews instead of thinking of the year as a whole. Measure results and adjust the dials on your business plan every 3 months while keeping a close eye on results every month.
- Don’t do it alone. Be open to suggestions from your partners, business advisor, accountant, and the rest of your team.
- Write down your personal and professional development goals as well.
Entering into the new year with all the uncertainties ahead and the pandemic still going on can be scary. However, it is important to remember that a bend in the road is never fatal unless you fail to turn. So take a deep breath and relax– you got this!
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.