Sir Owen Glenn Provides $100 Million Small Business Support
October 15, 2019
Sir Owen Glenn Provides $100
Million Small Business Support Fund
A $100 Million fund to support New Zealand’s small and medium size businesses is being established by international entrepreneur and philanthropist Sir Owen Glenn.
As highlighted in the recently released Capital Markets 2029 report, access to capital finance plays a vital role in supporting the growth and productivity of New Zealand and expanding employment opportunities.
“The problem for many of our potentially successful businesses is a lack of adequate capital and a restricted ability to borrow enough to fund efficient expansion of their activities,” says Sir Owen
Well aware of the difficulties faced by small or medium sized businesses meeting the conditions and capital requirements usually imposed when they apply for loans from the big banks, he has commissioned close colleagues and advisors, both in New Zealand and off-shore, to set up a structure that will work for the benefit and betterment of businesses so they can expand which will add to New Zealand’s economy and enhance employment opportunities.
Initially it is envisaged that funding provided will range from $5 million to $10 million and be subject to credit criteria to be determined by an investment committee formed by Sir Owen.
Sir Owen said, “lending rates and security will be appropriate for the level of risk to be taken”.
The lending entity providing funding will be registered as a Financial Services Provider under the Financial Services Providers Act.
From small beginnings Sir Owen built Vanguard Logistics Services into one of the five largest logistic firms in the world but has always remained aware of how crucial it is for small and growing firms to have access to finance on favourable terms in order to sustain and increase their business activities.
Sir Owen is concerned that New Zealand businesses seem to be falling behind where they could be if adequate capital support was available. Though they continue to provide jobs for more people many firms are still dealing with a decline in profitability.
As a proud and grateful New Zealander who has enjoyed the personal benefits of building a world beating business he wants to contribute $100 Million to help other Kiwi businesspeople achieve similar successes.
He is also inviting other businesspeople who have earned similar rewards to join him in providing the funds to finance the productive endeavours of the following generations.
The $100 Million fund will be managed by Birnie Capital Limited. Bill Birnie CNZM, also oversees Sir Owen’s Family Office and manages his NZ business and philanthropic activities.