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Bank-able NZ™ funding scheme

Bank-able NZ is an innovative funding scheme developed by Opportunity Hamilton in conjunction with the Ministry of Social Development, the WEL Energy Trust and commercial lenders to help a new business secure finance for its future development.

It is available to business start-ups and existing businesses within Hamilton and the Waipa district.

To date the scheme has had more than 100 applications resulting in 33 new businesses and 27 clients repaying their overdraft, with $1.85 million invested into the local economy.

You can contact Sandy Turner, our Bank-able NZ project manager, to learn more about the application process and what is expected from our clients once accepted into the programme.  

Do you qualify?

There are variable criteria for Bank-able NZ depending on funds available at the time.  Contact Opportunity Hamilton for more details or download the Bank-able NZ™ Application Form and Bank-able NZ™ Applicant's Contractual Obligations.

Bank-able NZ Applicant's Contractual Obligations document is in PDF format. This means that a PDF reader will be required to view the PDF. If you do not have a PDF reader, please go to: http://www.adobe.com/products/

How does Bank-able NZ work?

The Bank-able NZ scheme provides security for new start-ups or existing businesses to obtain a commercial bank overdraft facility which the business pays back to the bank under its normal terms and conditions.

In simple terms, Bank-able NZ acts as security for the entrepreneur. Bank-able NZ partners with a commercial lender, the lender providing the funds at the normal commercial rates with Bank-able NZ providing the security - up to a pre-agreed value.

The scheme benefits the regional economy by helping local people turn their ideas and skills into new businesses. Bank-able NZ also offers on-going support for business growth and development.

Since its inception more than 25 businesses have become success stories thanks to the Bank-able NZ scheme.

Bank-able NZ step-by-step

If you qualify for Bank-able NZ scheme, here's the steps you will go through with Opportunity Hamilton:

  1. Opportunity Hamilton identifies individuals with a promising business idea, but who lack a banking history or the collateral to secure a bank loan to fund their business start-up.
  2. Opportunity Hamilton helps that person prepare a full business plan, complete with budgets and cashflows.
  3. That plan is then submitted to the Bank-able NZ board, made up of senior commercial people in the community. The Bank-able NZ board evaluates the candidate's business plan and interviews the candidate.
  4. The plan must meet normal commercial lending criteria to be successful. If the board approves the application, Opportunity Hamilton provides the security to underwrite a commercial bank overdraft facility of up to $10,000.
  5. The successful candidate is then introduced to the project banking partner to begin a working relationship.
  6. A project manager from Opportunity Hamilton continues to provide support to the new business and the Bank-able NZ board maintains a commercial overview (similar to a board of directors). This is just until the business is in a position to pay off the overdraft facility or move into a normal commercial relationship with the bank
  7. When that relationship is established, the Bank-able NZ money is released and made available for another business.

Bank-able NZ purpose

Opportunity Hamilton developed the Bank-able NZ scheme to:

  • Promote successful new small business
  • Expand economic growth of the region
  • Increase employment opportunities
  • Reduce welfare dependency

Bank-able specifically targets people who:

  • want to achieve self-determination by starting their own business
  • are in business and want to expand or broaden their scope
  • are in basic employment and have a desire to start a small business but lack the knowledge, skills or finance
  • are unemployed but lack the knowledge skills or finance to establish their own business

The Bank-able NZ scheme was developed by Opportunity Hamilton in conjunction with its Bank-able NZ™ partners, the Ministry of Social Development, the WEL Energy Trust and commercial lenders.

Opportunity Hamilton has helped Kim Paton start up and grow Independent Grocery through the Bank-able NZ funding scheme.
 SMEs contribution to employment in Hamilton stands at 33% which equates to 25,810 employees.  The growth of SMEs in Hamilton city between 2000 and 2008 was 31% which is above the 25% percent growth recorded in the rest of New Zealand over the same time period.  Hamilton is the home of the mighty Chiefs and Waikato rugby teams and the 26,000 capacity Waikato Stadium.  Hamilton will host 3 matches in the 2011 Rugby World Cup.  Hamilton will host the New Zealand round of the prestigious V8 Supercar Championship in the city for the fourth year in 2011. The inaugural race in April 2008 attracted 172,000 attendees plus 5,000 people associated with the running of the event. The event generated $28.3 million of new money into the local economy in the first year and is estimated to generate $156 million over the seven years that the event will run.  Over 100,000 people annually visit New Zealand National Agriculture Fieldays held at Mystery Creek (10 minutes south of Hamilton), which is the largest agricultural event held in the Southern Hemisphere. Each year generates around $290 million sales.  As the centre of the thoroughbred industry, Hamilton has an excellent racing venue at Te Rapa. A national trotting track is 15 minutes drive from Hamilton in Cambridge.   Raglan is 40 minutes by road from Hamilton and home to one of the world’s longest left-hand surf breaks.