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Business Finance Guarantee – applications open

Businesses can start applying to their banks for loans under the Business Finance Guarantee Scheme set up to support the New Zealand economy during the COVID-19 pandemic.

“We’re moving quickly to protect New Zealand businesses, jobs and the economy during this unprecedented global economic shock,” Finance Minister Grant Robertson said.

“The Business Finance Guarantee will help businesses with cashflow and operating expenses, and comes in alongside the $8-12 billion wage subsidy scheme keeping people in jobs, and workers and employers connected during the lockdown.

“For most businesses their most important relationship is with their bank. The Government is using its balance sheet to give businesses and their banks space to work together through this crisis.

“We’re supporting businesses through the lockdown so their workers can stay home, break the chain and save lives, while also putting in place longer-term solutions to kickstart the economy out the other side.”

Under the scheme, businesses with annual revenue between $250,000 and $80 million can apply to their banks for loans up to $500,000, for up to three years. The scheme will offer a total of $6.25 billion in loans to New Zealand businesses.