Stuff
Government offers small firms zero and low-interest loans up to $100,000
01/05/2020
The Bankers Association responded to Robertson’s comment that banks had not met the lending expectations of the Government by saying banks had lent $6.1b to businesses since the country went into lockdown on March 26.
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Interest.co.nz
Government broadens Business Finance Guarantee Scheme substantially to include both agri and very small businesses; Also allows banks to write unsecured loans should they choose to do so
01/05/2020
“For immediate business needs, banks have lent $6.1 billion to businesses since we went into lockdown on 26 March. That’s lending outside the Business Finance Guarantee Scheme. And it’s almost as much as the total lending limit under the scheme.”
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Newsroom
Government loan scheme leaves ‘awkward middle’
01/05/2020
New Zealand Bankers Association (NZBA) chief executive Roger Beaumont said industry feedback had led to the changes and he welcomed Treasury simplifying some rules.
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NZ Herald
Covid 19 coronavirus: Government to provide $100,000 interest-free loans to businesses
01/05/2020
“We welcome Treasury simplifying their scheme rules, as a result of industry feedback. We hope this means more customers are able to participate in the scheme for their longer-term needs.”
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NZ Herald
Covid 19 coronavirus: Government hastily changes loan scheme as Treasury conditions come under fire
01/05/2020
NZBA chief executive Roger Beaumont issued a statement saying the scheme was a risk sharing one and that if a borrower defaulted, the banks were required to take steps to recover the money.
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Newsroom
Full Govt guarantee needed for business loans
01/05/2020
The New Zealand Bankers Association said banks had lent businesses $5.9 billion in new loans since March 26. These are loans outside the BFGS because the final deed on the scheme was signed two weeks after the official announcement was made.
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NZ Herald
Covid 19 coronavirus: More than 100,000 Kiwis taking mortgage relief
30/04/2020
More than 100,000 households are now seeking some form of mortgage relief, according to the latest data from the New Zealand Bankers Association. New figures show 49,821 borrowers have deferred all loan payments under the six month mortgage holiday scheme.
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NBR
Covid-19 loan scheme for SMEs a flop
29/04/2020
In making loans under the Business Finance Guarantee Scheme the banks were bound by the terms set by the Treasury, Bankers Association chief executive Roger Beaumont said. “The rules require banks to have customers provide security for loans under the scheme. Banks are responsible lenders. The loans are not intended to fail, which is why...
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Stuff
Coronavirus: Spraying a bit of cash around will help tackle Covid-19 disruption – but not yet, economist says
23/04/2020
“However, banks have quite independently loaned $6.9 billion to business customers in the four weeks since March 26.”
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Newshub
Coronavirus: Banks accused of refusing to lend money to tourism businesses desperate for finance
22/04/2020
Banks say they’re here to help but can’t help every business in every sector. “If the business case doesn’t stack up or isn’t justifiable, well that’s when it gets really hard and really challenging,” said New Zealand Bankers’ Association chief executive Roger Beaumont.
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