Prospa calls for extension of business loan scheme
The Aussie-based SME lender is one of five non-banks to be granted access to Australia's equivalent scheme.
It wants the NZ government to include non-banks in its scheme, to help deal with the impact of the Covid-19 crisis. It believes non-bank can help to distribute funds more quickly to businesses.
Currently, businesses can only access the government's $6.2 billion loan guarantee scheme through traditional lenders.
Businesses with turnover of between $250,000 and $80 million are be eligible for loans of up to $500,000, for up to three years. The government will take on 80% of the risk of the loans.
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