Taxpayers will lend "viable" firms that employ 50 or fewer full-time staff loans of up to $100,000 under a new “Small Business Cashflow Loan Scheme”.
Legislation authorising the Inland Revenue to administer the scheme was passed on Thursday. Providing more detail on Friday, the Government said it will loan firms $10,000 each. The size of these loans can be extended by $1800 for every full-time employee the firm has.
The loans will be interest free if they are repaid within a year.