Receivers for South Canterbury Finance will update borrowers this week on their funding arrangements.

Kerryn Downey of McGrathNicol says they’ve made significant progress assessing the  operations with the help of South Canterbury Finance management and staff and have  fielded a significant number of enquiries from prospective buyers.

Federated Farmers President Don Nicolson says farmers are anxious to hear from the receivers about revolving credit facilities and seasonal finance.

South Canterbury Finance went into receivership last week, with the government paying out $1.6 billion to cover debenture holders' deposits.