Business funding landscape change

Kiwibank is stepping out of its comfort zone and starting a new lending programme for start-ups.

While it accounted for 25% of all business lending across the country last year, it is keen to expand that market share even further by trialling StartUp+ with venture capital group Ministry of Awesome for early-stage businesses. 

StartUp+ will provide progress-based funding, structured to support startups at each stage of their journey without the usual barriers.
It is designed to address common early-stage business challenges, like inability to meet traditional borrowing criteria and perceptions of being too high risk to secure finance.

Kiwibank chief customer officer Elliot Smith, acknowledges banking has historically missed the mark for startups, but increased business lending has given the bank a good feel for what Kiwi businesses need.