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Govt guarantees $6.25b emergency business lending; mortgage holiday coming

By Pattrick Smellie | Tue, 24 Mar 2020

Trading banks are being offered government guarantees on a maximum of $6.25 billion in new lending to "solvent businesses" to help tide them over the economic hit caused by the covid-19 crisis.The government will bear 80 percent of the credit risk of that lending, with the remainder sitting with trading banks.Loans will be limited to no more than $500,000 and available to firms with annual revenue between $250,000 and $80 million, although the government is willing to hear feedback and tweak those limits, if necessary, said Finance Minister Gra...

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