Tuesday, 24 March 2020, 5:57 pm Press Release: BusinessNZ
The Government’s announcement of a $6.25 billion
Business Finance Guarantee Scheme for small and medium-sized
businesses is a great example of collaboration in a time of
crisis, BusinessNZ Chief Executive Kirk Hope
says.
"It’s great to see the Government, retail
banks and the Reserve Bank all coming together to protect
Kiwis and unite against Covid-19. This will encourage banks
to lend to businesses struggling with the fallout from these
very challenging times."
The Reserve Bank has agreed
to reduce banks core funding ratios from 75% to 50%, further
helping banks to make credit available.
The scheme
will include a limit of $500,000 per loan and will apply to
firms with annual turnover of between $250,000-$80
million.
The government has also announced a six-month
mortgage holiday for Kiwis affected by Covid-19, a bold move
that has been welcomed by the BusinessNZ network.
"The
latest support package will help take some of the weight off
the shoulders of affected businesses," Mr Hope
says.
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