South Canterbury Finance can now breathe a sigh of relief as the company managed to get approval from the New Zealand government under the extended retail guarantee scheme. The announcement came after South Canterbury received a fresh dose of capital of NZ$22 million from Torchlight Fund No. 1 LP, taking the total capital injection since January to NZ$202 million.The company has nearly NZ$1.2 billion of repayments due before October and was desperate to get new funds, offering as much as 8 per cent for deposits maturing on October 11. However, this will now change, with the extended guarantee likely to lead to rollovers from existing depositors plus allowing the company to lower interest rates on fresh deposits.The company is currently in the process of revising its prospectus, and therefore ceased seeking fresh deposits since Thursday.Meanwhile, PGG Wrightson Finance also was granted approval under the extended guarantee scheme, thus taking the total companies to get the extension to four.  Among the four approved, Marac Finance has a BB+ rating but with a negative outlook, and the other three have the BB rating with Equitable also having a negative outlook on its BB rating.While companies can apply for guarantee extension until October, many, especially the ones with the minimum BB rating, are choosing to make the application now on fears that any downgrade would make them ineligible for acceptance for extension.