Covid 19 Coronavirus: Banks to charge as little as 0.8% on govt-backed business loans

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Data released by the New Zealand Bankers’ Association yesterday showed that since the lockdown began on March 25, the nation’s trading banks had provided 13,559 businesses with new loans totalling $5.5 billion, moved to either interest only or reduced principal repayments and interest on $17.4 billion of existing loans to 13,549 businesses, and that a further 3,053 businesses had deferred all repayments on $1.6 billion of loans.

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