3 Oct 2023

ASB aims to boost food and fibre firms with access to funding

1:03 pm on 3 October 2023
Source of fibre plant based vegan soya protein grilled burgers, meat free healthy food close up

Soya protein burger (file photo).Companies pursuing plant-based foods and alternative proteins may benefit from the ASB programme. Photo: 123RF

ASB is launching a new programme to accelerate the export growth of high-potential food and fibre businesses.

The bank said its programme would support food and fibre exporters at a critical scale-up phase, taking a broader approach to lending, with more access to debt capital, advice and expertise.

The programme would be piloted with around six eligible businesses, with a view to expand it if successful.

ASB chief executive Vittoria Shortt said the bank would support exporters that needed capital to take their business to the next stage.

"For example, we are in discussions with producers of plant-based foods, alternative proteins, microalgae nutrition and agri-technology from around Aotearoa," she said.

"With the backing of ASB Access, these high-potential exporters can scale to meet market demand."

Eligible food and fibre businesses would receive advice, networking opportunities and support with international trade from the bank.

"We're thinking differently about how we can change to meet the needs of the businesses of the future," Shortt said.

"This programme is about being more flexible and supporting our food and fibre entrepreneurs based on the potential we see in them and their businesses."

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