The team at Nexia NZ are working hard to support our clients through COVID-19. The nature and depth of the COVID-19 crisis is unprecedented in our lifetime, and the Government response to support business has equally been wide ranging.
We have outlined below some of the ways we are working with our clients to ensure the viability of their businesses.
Cashflow management is an important task for every business and is critical in a time of crisis. To ensure a successful business, owners need to know not only what tomorrow looks like but also plan their future direction and assess how cash impacts on business viability.
Nexia can assist with:
Business continuity planning
A business continuity plan is a proactive plan which outlines procedures and instructions a company will follow should it be faced with a disruption of operations. The plan aims to achieve a process of prevention and recovery from potential threats. In these challenging and uncertain times, it is especially important to review your business continuity plan.
Why have a business continuity plan?
We are working with clients to evaluate their plan and mitigate the risks they are facing. At this point in the response to COVID-19, it is important to ensure you are still taking the correct actions to ensure your future viability and minimise long term damage to your business.
Regional Business Partners Network – COVID-19 Business Advisory Funding
The New Zealand Government has allocated additional funding to the Regional Business Partner Network (RBPN). This additional funding will support New Zealand businesses and service providers to access professional advice during the COVID-19 pandemic.
As a registered provider of business support services through the RBPN programme, Nexia New Zealand have the capability, and are currently supporting businesses, in the following areas:
Access to the grant requires businesses to meet the following criteria:
We are helping our clients through the application process for these grants and have commenced work on some that have already been approved. Let your Nexia NZ advisor know if you need help to apply or want to discuss how this grant could help your business.
Business Finance Guarantee Scheme
This scheme has been set up to support businesses who have been negatively affected by COVID-19. It offers a total of $6.25 billion in loans to New Zealand businesses, the Government is guaranteeing 80% of the risk, with banks covering the remaining 20%. The scheme was established to encourage lending to businesses that may fit a higher risk profile and that may otherwise struggle to find finance.
Businesses will still be required to meet normal lending requirements, along with standard eligibility criteria, outlined below. Banks have their own application process and requirements and we are helping our clients to work through these.
Small Business Cashflow (loan) Scheme
The Government announced last week a further initiative to support small to medium business owners, which will allow for interest free lending. Click here for more information.
May 5, 2020