Media Release, for immediate release, 2 March 2012

$4 Million Mark Reached by Business Support Trust

A new milestone has been reached by the Canterbury Business Recovery Trust, with more than $4 million now distributed to earthquake-affected businesses in Canterbury.

The four millionth dollar was given to Pedro’s Restaurant, which has just been told their application for a $30,000 grant from the Trust has been approved.

“This is a huge relief. We have had no income for so long we were going broke. This grant will enable us to set up a temporary business while we wait to rebuild Pedro’s Restaurant back in the city, which we are committed to doing,” says Pedro Carazo.

The Canterbury Business Recovery Trust provides cash injections into viable but earthquake-affected businesses. The Trust is administered by Recover Canterbury. To date $5.4 million has been donated to the Trust and $4.05 million has been distributed to 263 businesses in need. Of the $4.05 million 28% has been distributed in loans, with the remainder being given as grants to businesses.

The $30,000 grant to Pedro’s Restaurant will go towards the cost of setting up a temporary takeaway outlet, which will be located at the Liquor King site on Carlton Corner. The container-style outlet will be called Pedro’s House of Lamb and will serve Pedro’s signature dish of lamb shoulder and scalloped potatoes.

The container will be designed in such a way that the fit-out can be transferred to Pedro’s new central city restaurant, when it is rebuilt.

Recover Canterbury Communications Manager Pip Tschudin says Pedro is not alone in needing some extra assistance to get his businesses back on track.

“We’ve got a city full of great businesses and wonderful business people. Some just need some help to get through hurdles that the earthquake has put in front of them so they can get back on their feet and continue to contribute to Christchurch’s economic future. That hand up is what the Canterbury Business Recovery Trust provides,” says Mrs Tschudin.

Relocation and fit-out costs are one of the biggest issues that businesses are requesting financial assistance for, with 34% of the Trust’s distributions targeted towards these costs. Sales and marketing has taken up 37% of the distributions, while 11% has gone towards business development costs and another 11% for assistance with operating expenses.

The Canterbury Business Recovery Trust is continuing to accept donations.
About the Canterbury Business Recovery Trust

The Canterbury Business Recovery Trust was established after the Christchurch earthquake to help businesses survive, revive and thrive. The Trust is administered by Recover Canterbury and provides cash injections into viable but earthquake-affected businesses. 100% of the funds donated to the Trust go to supporting Christchurch businesses.

Some of the key expenses businesses are requesting funds for include business planning and development costs, costs associated with relocation and fit out, access to expert advice and assistance, marketing costs and bridging finance.

The Trustees of the Canterbury Business Recovery Trust are Bruce Irvine, Andrew Thorburn, Humphry Rolleston, Lady Adrienne Stewart and Sir John Anderson.

About Recover Canterbury

Recover Canterbury was established after the Christchurch earthquakes to accelerate business recovery and prepare businesses for future growth. It is a collaboration between the Canterbury Employers’ Chamber of Commerce and the Canterbury Development Corporation, along with various government agencies involved in business support.

Recover Canterbury offers a wide range of services and resources to help businesses recover and revive, including advice, training and mentoring, referrals to professional services, assistance with business issues such as raising capital and access to the financial assistance provided through the Canterbury Business Recovery Trust.