COVID-19 Response Search

Government business cash flow loan scheme

Government announced they will provide loans of up to $100,000 to help small to medium sized businesses, including contractors and self-employed.

The scheme provides a one-off government loan for businesses and organisations impacted by COVID-19 to help with cash flow. Applications are open until the 12 June 2020. Small to medium sized businesses with 50 or fewer full-time employee equivalents can apply. The scheme is also open to sole traders and self-employed businesses. 

Details of the loan includes:

  • $10,000 to be provided to eligible businesses
  • an additional $1800 per full-time employee equivalent
  • interest free if the loans are paid back within a year
  • an interest rate of 3% for a maximum term of five years
  • repayments not required for the first two years.

The maximum amount you can borrow depends on the number of full-time and part-time employees you have. If you are a business without employees, ie sole trader or self-employed, you can receive a loan of up to $11,800. Find out more information and how to apply at the Ministry of Business, Innovation and Employment. 

All About Whitianga
 Coromandel, NZ

All About Whitianga

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