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$4.5 million for business investment and growth!

8 November 2000
Media Statement

$4.5 million for business investment and growth!


"Businesses that can generate growth and provide jobs have a champion in this Government. The Labour Alliance Coalition is committed to innovation and supporting business," says Deputy Prime Minister Jim Anderton.

“Because of this the Government has made a further $4.5million available, for business growth and major investment. The two new programmes are the Business Growth Service ($3 million) and the Major Investment Service ($1.5 million) and they will both have funds to support and encourage significant investment in new projects."

"Industry New Zealand launched these programmes as an important part of the tool-box we have to develop New Zealand's economy, and in response to the recent business forum in Auckland" Jim Anderton said.

"These programmes along with the Government's new export credit guarantee scheme announced today, by Associate Minister of Foreign Affairs and Trade Pete Hodgson today, will be a fillip to business and industry," said Jim Anderton.

Funds are earmarked for the remainder of this financial year via two new programmes to support business growth and profitability to be managed by Industry New Zealand.

The Business Growth Service, which includes the Business Growth Fund, offers specialist expertise, information and support for firms with high growth potential to help improve their key competencies and to accelerate realisation of their growth.

Groups of businesses may apply for assistance and funding under the Business Growth Service - these may be sectors, clusters or tribally based groupings.

Under the Business Growth Service, Industry NZ, in conjunction with private sector providers will identify and support firms or groups of firms with significant growth potential. It facilitates access to the relevant programmes from the full range of government industry development assistance, including Technology New Zealand, Trade New Zealand, BIZ and Maori Business Facilitation Service.

To complement the Business Growth Service, Industry New Zealand manages the Business Growth Fund to help businesses implement strategies for business growth.

Funding can be used to cover the cost of employing external advice and expertise to test and commercialise business proposals and concepts that are part of a growth strategy. Grants may be used to employ specialist services to diagnose blockages to growth, and to develop and implement strategies for business growth, including assisting or upgrading relevant plans, accessing of funding, management, skills, systems and processes.

The grants may be to a maximum of $100,000 (GST inclusive) provided on a dollar for dollar basis. Generally, eligible businesses will have sales of less than $50 million or no more than 100 full time equivalent staff.

The second new programme to be managed by Industry New Zealand is the Major Investment Service. It provides links between prospective major investors and opportunities in New Zealand and helps them to compare the benefits of investing here with other options.

The service will also identify impediments to investments, and where appropriate Industry NZ will advise the Government of the need for procedural change.

Industry New Zealand and Trade New Zealand will work closely together on international opportunities.

With this service comes access to the Major Investment Fund. It will support investments that demonstrate significant benefits for New Zealand. These would typically be new direct investment involving at least $50 million and/or 200 new jobs over five years, which generate high level of benefits like new technology or new skills associated with the investment.

Grants for pre-feasibility studies are available for up to 50% of costs to a maximum of $50,000. The Government will also provide or underwrite for access to relevant Government programmes to meet significant implementation costs, not exceeding $1million per year up to a maximum of $5million for any one project.

Projects will be assessed on a case by case basis.

“Both new services will assist businesses to realise faster or more significant growth with Industry NZ assistance,” said Mr Anderton.

More details of these programmes are available from Industry New Zealand (www.industrynz.govt.nz)

Ends/…

For further information on these new business funding programmes contact:

Suzanne Cookson, Industry NZ
Email: suzanne.cookson@industrynz.govt.nz

INDUSTRY NEW ZEALAND BOARD

Craig Boyce (Acting Chair) has been Chairman and/or Chief Executive of Smiths City since 1990. He has a background in the meat industry and was general manager of the Meat Marketing Division of Waitaki International in the 1980s. Mr Boyce has significant board experience, including directorships of Advanced Foods Ltd, Christchurch City Holdings, TVNZ, and The Power Company.

Gregory Fortuin is Managing Director of AXA Corporate Superannuation Services, and has been since 1991. Mr Fortuin is very involved in community initiatives. He is currently the Honorary Consul of the Republic of South Africa, and has been a permanent resident of New Zealand since 1991. Mr Fortuin has experience in strategic leadership and financial management.

Rex Jones is Auckland based and is recently retired as secretary of the New Zealand Engineers, Printing and Manufacturing Union. He has extensive links with organised labour as well as with a range of New Zealand industries. He has a long established track record in new industry development initiatives, most notably in the ANZAC ship project.

Shane Jones has a background in indigenous economic development and has advised a number of commonwealth governments on special projects and issues. He has extensive expertise in business with responsibilities for multi-million dollar Maori assets. Mr Jones is currently Chairman of the Treaty of Waitangi Fisheries Commission, Chairman of the Poutama Trust, and a director of the Airways Corporation.

David Moloney is Executive Director of the Interlock Group, and is President of the New Zealand Manufacturers Federation. He is Chair of the New Zealand College of Management, and Deputy Chair of the New Zealand Qualifications Authority.
Mr Moloney has been with Interlock since 1983. Prior to that he spent 26 years in the Army. He received an OBE for military service

Don Riesterer is in his fourth term as Mayor of Opotiki. He was instrumental in the establishment of the Opotiki Development Project which has been running for three years and is aimed at facilitating regional and economic development. The project comprises a working group of local and central government agencies.
He has extensive experience in local government, and is a member of the National Council of Local Government New Zealand.

Maxine Simmons is an executive director and founder of Immuno-Chemical Products Limited. Ms Simmons is on the board of the Foundation for Research Science and Technology. She is also a board member of BIOTENZ, a Trade New Zealand supported joint action group of New Zealand biotechnology and pharmaceutical companies collaborating to increase exports.

Bridget Wickham is an Auckland-based corporate director. She has a strong commercial background, and is currently Chief Executive of the Great New Zealand Business Venture. This organisation, in association with a large number of corporate and private sponsors, assists New Zealand’s entrepreneurs and innovative businesses. Ms Wickham is a director of Sky City Ltd and Uniservices Ltd. She is a past director of ENZA.

ENDS

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