Govt business loan guarantee scheme not a great success

Govt business loan guarantee scheme not a great success
Only 46% of the scheme's $6.25b was actually lent. (Image: DepositPhotos)
Jenny Ruth
Many of those who participated in the government’s covid-era business finance guarantee scheme (BFGS) thought the $2.86 billion lent would have been lent anyway, according to consultancy firm Berl.Lenders criticised the scheme as having been written “by and for lawyers”, panning the rules as confusing and onerous.  Only 46% was lent of the $6.25b available under the scheme, which included the government guaranteeing 80% of each loan, before it expired on June 30, 2021.In an assessment of the BFGS commissioned by Treasury,...

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