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Budget 2020

Govt's new small business loan scheme lends nearly $1b

Jenny Ruth
Wed, 27 May 2020

The government's small business loan scheme that bypasses banks in favour of the Inland Revenue Department processing applications is proving far more successful than the earlier business finance guarantee scheme. Revenue and Small Business Minister Stuart Nash said the IRD had lent nearly $1 billion in loans under the small business cash flow loan scheme after just two weeks. NZ Bankers' Association figures show the $6.25 billion business finance guarantee scheme (BFGS) launched in early April, a month before the IRD-administered scheme,...

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