Government, banks unite against Covid-19 24 Mar 2020 The Government’s announcement of a $6.25 billion Business Finance Guarantee Scheme for small and medium-sized businesses is a great example of collaboration in a time of crisis, BusinessNZ Chief Executive Kirk Hope says."It’s great to see the Government, retail banks and the Reserve Bank all coming together to protect Kiwis and unite against Covid-19. This will encourage banks to lend to businesses struggling with the fallout from these very challenging times."The Reserve Bank has agreed to reduce banks core funding ratios from 75% to 50%, further helping banks to make credit available.The scheme will include a limit of $500,000 per loan and will apply to firms with annual turnover of between $250,000-$80 million.The government has also announced a six-month mortgage holiday for Kiwis affected by Covid-19, a bold move that has been welcomed by the BusinessNZ network."The latest support package will help take some of the weight off the shoulders of affected businesses," Mr Hope says.