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

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,...

Subscribe to BusinessDesk

Unlock access to all stories with this special annual deal for just $99. Sale ends Monday 18 November 2024 11.59pm.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Subscription renews at $349. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market close

NZ sharemarket continues see-sawing, down 0.5%

The S&P/NZX 50 Index and it closed at 12,674.49, down 74.87 points or 0.59%

Graham Skellern 6:10pm

Primary Sector

Higher likelihood of record Fonterra milk price: BNZ

However, on-farm expenses have increased since the payout's last peak.

Riley Kennedy 3:22pm

Higher likelihood of record Fonterra milk price: BNZ

Energy

Contact says gas-fired plant will be available next winter

But it depends on securing gas to fire it and a customer willing to pay for the power.

Ian Llewellyn 2:00pm

Contact says gas-fired plant will be available next winter

Sponsored

Why large format retail may be about to have a moment

LFR offers regular returns with strong tenants and long leases.

PMG

Sponsored

Out Now! Office Options

Barfoot & Thompson

More Finance

Finance

New PPP ‘blueprint’ launched

The Government is releasing a “refreshed blueprint” on the use of public-private partnerships to deliver infrastructure projects.Infrastructure Minister Chris Bishop said this followed extensive engagement by the Infrastructure Commission with Treasury, other public sector agenci...

Staff reporters 3:30pm