Media release – 23 September 2015

DWC provides $5 million business stimulus fund

Development West Coast has today launched a $5 million fund to stimulate business development and growth in the West Coast region.

The fund is available directly to West Coast businesses and has been designed to support them during current economic challenges with incentives to encourage the promotion of employment opportunities. Businesses can apply to DWC for funding which could take various forms including equity investment, loans with discounted interest rates, interest only periods or concessional repayment terms.

DWC Chairman John Sturgeon says the West Coast is currently facing economic challenges and this initiative is part of DWC’s strategy to persue solutions to promote employment opportunities.

“This fund can support businesses that wish to build on existing success, support diversification and innovation through research and development, or could help a business with job retention,” he says.

The fund will be available from 1 October 2015 and priority will be given to applications that have employment opportunities as a direct effect of the distribution. DWC CEO Joseph Thomas says there are three main differences between the Business and Industry Stimulus Fund and DWC’s “business as usual” funding.

“While DWC will maintain a high level of due diligence there will be a streamlined application process to ensure timely decisions while distribution terms and Trustees' risk appetite will also be more flexible. Community assets and projects, feasibility studies and compliance and regulatory costs are not eligible for funding.

In a joint statement the three District Mayors and Chair of the Regional Council welcomed the fund.

“We welcome DWC’s commitment to getting the Coast up and running by coming up with the $5m stimulus fund for business and industry across the region. We are all in this together and we hope this support will enable development in all districts. We are looking forward to engaging with DWC in order to fully understand the details of this fund," say the Mayors and Chair.

The $5 million Business and Industry Stimulus Fund is one of a number of initiatives recently announced by DWC to promote employment. Other initiatives include the $3 million District Economic Stimulus Fund, $1 million Digital Enablement Fund and a $248,000 grant to assist Tourism West Coast in attracting more domestic tourists to the region.

ENDS

Editors: Mayors and Chairs are Westland Mayor Mike Havill, Grey District Mayor Tony Kokshoorn, Buller Mayor Garry Howard and West Coast Regional Council Chair Andrew Robb

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