Borrow now, use later good option for Maori firms
|20 Oct 2020 15:15 PM|
The Māori Trustee says struggling small to medium sized Māori businesses may be leaving money on the table.
Dr Charlotte Severne says Te Tumu Paeroa has extended until December 31 the window for firms to apply for top-up cashflow loans, because just $1 million of the $10 million available has gone out so far.
Māori businesses can get up to 50 percent more than they have already received from the government's Small Business Cashflow (Loan) Scheme.
Because because no repayments are required for the first two years, the loans would suit tourism providers in particular.
"Some of them in the tourism sector have actually taken on other products, using the assets differently so they have needed a little more cash to get that off the ground, but a large number are holding on in anticipation of further level changes where they will need that extra support," Dr Severne says.
The application process takes between 10 minutes to an hour to complete.Copyright © 2020, UMA Broadcasting Ltd: www.waateanews.com