Role for banks

New Zealand start-ups and innovators tend to look to overseas investors or buyers when  they are ready to scale their product. This could be because the domestic ecosystem does not support access to expansion capital or management experience, for example, to scale. 
Foreign investment and tax rules may be a factor in limiting the movement of capital and expertise to New Zealand.
Established businesses have different financial needs from start-ups. Banks have a role in supporting existing businesses to innovate and scale their innovation by helping businesses secure capital in mainstream and innovative financing solutions. Based on their  relationships with their clients, they often have useful insights across the ecosystem, which they can use to encourage business leaders to change their risk appetite for innovation and lending. Working with their clients, banks can support New Zealand businesses to take action to boost productivity and economic growth.

Click here to download the report - NZIER Business Productivity report - February 2024 (asb.co.nz)

ASB are seeking bold businesses ready to invest in smarter ways to get the job done - to build more productive businesses, for a more productive country, so everyone can progress. 

Take out business lending to increase productivity by 30 June, and you could be eligible for your share of $5 million worth of Productivity Grants.  Click here to find out more ASB Productivity Grant – Access to capital | ASB

Case Study:  Investing for Productivity - Bon Accord, Auckland

Established in 2002, Bon Accord supplies beverage products to the hospitality industry: including hot chocolate, frappe and smoothie bases, real fruit pulps, iced tea syrups and more. It has a strong domestic and international customer base. 
Their international business includes branded and Private Label products sold throughout the world. Major export markets are in Australia, the Middle East, Japan and the Pacific Islands. 
Bon Accord is adding value to New Zealand milk powder by investing in R&D and 
developing and marketing products across New Zealand and the world. It works with its major international customers operating in New Zealand and in international markets to meet its clients' needs and develop new products. “Innovation is important” and collaborating with customers creates new opportunities. 
The company continues to invest in its supply chain, processes and plant to manufacture new products and efficiently increase production to meet increasing demand. This investment has been supported by its relationship with ASB, so that finance does not constrain the company’s ambitions as it continues to innovate and invest in productivity enhancing equipment. 
The business also invests in its internal capability across R&D and quality management. As a food exporter, it must meet stringent international food standards, such as FSSC 22000. 
These are audited in New Zealand by Asure Quality. 
As part of the New Zealand food manufacturing sector, Bon Accord are working with their suppliers and customers in New Zealand and across the global distribution system. NZTE supports their export relationships.