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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.
 Hamilton is located close to both of New Zealand’s major ports at Auckland and Tauranga.  Three tertiary institutions, - The University of Waikato, Wintec and Te Wananga o Aotearoa are located in Hamilton.  The University of Waikato generates three percent of the region’s total revenue and nearly $1 billion for the New Zealand economy as a whole.  Hamilton is a student city, with more than 46,000 people in tertiary study.  The ultra fast broadband rollout has begun in Hamilton. It is expected to boost economic growth by 1.3%.  Hamilton's $68.4 million Claudelands Convention and Exhibition Centre includes a 5,000-capacity multipurpose indoor arena, 1,500-capacity conference centre and upgraded exhibition facilities.   Hamilton is the second fastest growing population centre in New Zealand behind Auckland.  Hamilton is New Zealand’s largest inland city, and fourth largest urban area.  Hamilton is on the main tourist route between Auckland and Taupo. Hamilton is the heart of the Waikato.  Hamilton has a land area of 98.6 km2 (New Zealand's smallest city in terms of land area).  The average age in Hamilton is 31.3 years compared to 35.9 years nationally.  Hamilton has a youthful population - around half of residents are under 30 years old.  Research and development plays an important part in Hamilton's economy - the city is home to more than 100 PhD scientists  Hamilton is known as New Zealand's science capital and is an ideal place to become involved with forward-thinking innovators.  Hamilton's sister cities are Sacramento, USA, Saitama, Japan and Wuxi in People's Republic of China.  Hamilton's location in New Zealand's growth triangle - Auckland, Waikato and Bay of Plenty - make it a hotbed of economic growth.  The website www.investwaikato.com matches global investors, suppliers or partners with Waikato business owners looking for connections.  Dairy farming is at the heart of the region, with today's agricultural developments centred on high-tech innovations within the biotechnology, new foods, sensor and software sectors.  The World Bank's Ease of Business Survey 2011 ranked New Zealand an impressive third of 138 OECD economies and first for both starting a business and protecting investors.  Waikato is known for equine excellence, with the highest number of horses per region in New Zealand.  Most horses bred in the region are for export, with thoroughbred horse exports totaling about $160 million annually.