Govt's bank-administered business loans still tiny

Tue, 07 Jul 2020

Lending under the government's bank-administered $6.25 billion business finance guarantee scheme continued at a snail's pace through June, in sharp contrast to its other small business lending scheme overseen by the Inland Revenue Department. The latest data from the New Zealand Bankers' Association showed the banks had lent $121 million to 664 businesses by June 30. The IRD scheme, which started a month later than the BFGS, had lent $1.51 billion to 90,485 businesses by Friday, July 3 – the government has earmarked about $5 billion for t...

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