ANZ has created a new fund of $250 million to support low-interest lending for businesses impacted by extreme weather events.
From Tuesday, its customers can borrow up to $300,000 for three years at a fixed rate of 3.49% per annum.
ANZ New Zealand chief executive Antonia Watson said the bank hoped to give businesses the confidence to rebuild.
She said customers told the bank that cost is a barrier for their businesses to invest.
Initially, the fund will be available to customers impacted by the North Island extreme weather events.
It will then be extended to provide support for businesses impacted by future adverse weather events, which the bank expects will become more frequent due to climate change.
Alongside the low-interest loan, further support may also be available to ANZ customers through two government schemes.
“There may soon be a combination of recovery funding solutions available for customers.
"Each situation will be different, and while the terms of the government’s North Island extreme weather events package are yet to be settled, it is our hope that these solutions will complement each other,” Watson said.
Watson said ANZ was committed to working with central and local government, alongside business, iwi and the wider community in response to the recent challenges in NZ.
