New Zealand banks can now offer up to a total of $6.25 billion in guaranteed loans to businesses that are financially impacted by COVID-19.
New Zealand based businesses with an annual turnover between $250,000 and $80 million can apply for loans up to $500,000, with a maximum term of three years.
The loans will be supported by the Government which will cover 80% of the risk, while banks cover the remaining 20%. This means that the $6.25 billion for this scheme is made up of $5 billion from the Government, and $1.25 billion from banks.
This scheme is available for new and existing customers of Loanblaster. If you’re an existing Open for Business or Loanblaster business loan customer, or a new customer, then get in touch to find out how we might be able to support your business.