ASB offers discounted lending to support businesses’ social and environmental sustainability efforts

SME Banking
26/05/2023 News

ASB is helping businesses on their sustainability journey with its new Business Sustainability Loan, aimed at supporting positive social and environmental change.

The loan offers a discounted variable rate for eligible business projects requiring between $25,000 and $2 million in lending for initiatives that will deliver positive social and environmental outcomes.

ASB Acting Executive General Manager Business Banking Ben Speedy says, “we see this new offering as a tool to accelerate change that will benefit both our people and our planet.”

Eligible social projects could include those that tackle affordable and social housing to address recognised needs, create employment opportunities for marginalised communities, aid the revitalisation of Te Reo Māori, Tikanga and Te Ao Māori (Māori language, customs and culture), or community uplift projects that create access to essential services such as education, training, healthcare, financial services and sustainable food systems for marginalised groups.

“We hope this product is a step in the right direction, and we want to encourage all businesses to think outside the box and engage with their communities.

“The goal of this funding is to help businesses to help society.”

This new offering may also support business customers who want to progress their environmental sustainability agenda and support New Zealand’s transition to Net-Zero by 2050. This could be through conservation and biodiversity restoration, making the switch to renewable energy, preventing pollution, or reducing emissions.

“We are committed to helping create a sustainable future for all New Zealanders and supporting businesses on their journey to achieving better social and environmental outcomes,” says Mr Speedy.

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