The Government will provide interest free loans for a year to small businesses impacted by the COVID-19 economic shock to support their immediate cashflow needs . The Small Business Cashflow Loan Scheme will provide assistance of up to $100,000 to firms employing 50 or fewer full time equivalent employees. Loans will be interest free if they are paid back within a year. After that, the interest rate will be 3% for a maximum term of five years. Repayments are not required for the first two years. Applications will open on 12 May and be managed by Inland Revenue.
New loan scheme to support small business
Finance Minister Grant Robertson Photo: RNZ/Dom Thomas.
