COVID-19 assistance round-up

Business Finance Guarantee Scheme open until June

Business Finance Guarantee loans can help small and medium businesses access credit for cashflow, capital assets and projects related to, responding to or recovering from the impacts of COVID-19.

All New Zealand registered banks and non-bank deposit takers (non-banks) are eligible to apply to join the scheme. Current participants are:
  • Banks: ANZ, ASB, BNZ, Heartland Bank, Kiwibank, TSB, Bank of China and Westpac.
  • Non-banks: Nelson Building Society.
Depending on your circumstances, you may be able to access credit from either a participating bank or a non-bank, but not both.
 
If you borrow from a bank, it will determine the amount you can borrow and the length of the term up to a maximum of $5 million payable in five years. If you borrow from a non-bank, the maximum amount is $3 million payable in five years. More information on eligibility criteria and how it works can be found here.
 
Applications for Business Finance Guarantee loans are open until 30 June 2021. If you need assistance or have any questions, please get in touch.
 

Small Business Cashflow Scheme extended until 2023

The Small Business Cashflow (loan) Scheme has been extended until 31 December 2023.
 
Organisations and small to medium businesses, including sole traders and the self-employed, may be eligible for a one-off loan with a term of five years if you have been adversely affected by COVID-19.
 
The maximum loan is $10,000 plus $1,800 per full-time-equivalent employee. The annual interest rate of three percent applies from the beginning date of the loan. Interest will not be charged if the loan is fully paid back within two years.
 
You can find out more here, or get in touch with us.
 

Kiwi Business Boost Tool

The Government has funded specialist consultancy support services to provide advice to businesses who need it. You can use the Kiwi Business Boost Tool to find out what services are available in your region.
 
The Treasury website’s COVID-19 Economic Response Measures can also provide more information on the range of supports available to businesses.