Small and medium-sized businesses may be eligible for the Business Finance Guarantee Scheme to protect jobs and support the economy. The Crown in partnership with participating approved banks will support targeted new loans including increases to existing limits to eligible businesses, as a response to difficulties caused by COVID-19. Click here to find out more. The BNZ has an excellent 20 minute video presented by Vinnie Booiman which you can access here, that explains how this works.
HOW DO I APPLY?
Talk to your bank to discuss your financing needs. They will advise whether your financing can be supported under the scheme. Details are on the banks’ websites.
WHO DECIDES IF MY BUSINESS QUALIFIES FOR THE LOAN?
Your bank will decide whether you can access finance under the scheme. To see if you qualify for a loan, your bank will follow its normal credit assessment process. This process will be modified to enable the bank to give effect to the scheme and to allow the bank to look through the economic cycle to sensibly take account of the uncertainty of the current economic conditions caused by COVID -19.
HOW MUCH CAN I BORROW?
The facility limit for an individual loan will be a maximum of $500,000. However, the maximum amount your bank is prepared to lend to you will be determined by your bank.
