Mid last year The Treasury commissioned TDB to conduct a review of the Business Finance Guarantee (BFG), a scheme set up to provide loans to struggling businesses amid COVID-19. Based on our analysis of New Zealand’s BFG scheme and review of similar schemes in comparable countries, we recommended a number of amendments that could increase the scheme’s attractiveness to borrowers and lenders without significantly increasing the Crown’s risk. Our report helped inform the subsequent settings review. See our report and recommendations below.