Small Business Cashflow (Loan) Scheme
What it is: Low-interest one-off loan of up to $10,000 + $1,800 for each full-time equivalent employee.
3% interest rate
repay over 5 years
no payments in first 2 years — but you can choose to make payments
payments handled by Inland Revenue.
No interest charged if you pay back the loan within a year.
Who can get it: Smaller businesses struggling financially due to the COVID-19 pandemic, including:
businesses with up 50 employees
sole traders
self-employed people.
As with any loan, you must also be able to show you can pay it back. Your business needs to be viable, with a plan to stay that way.
Deadline to apply: 31 December 2020
How to apply: On the Inland Revenue website, using your myIR account.
Also consider: Borrowing money or getting credit from a bank taking part in the Business Finance Guarantee scheme for small and medium-size businesses.
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