13 May 2020
COVID-19 Business Support - new 1-1 Advisory funding
The Government has allocated additional funding to the Regional Business Partner Network to support New Zealand businesses and service providers during the COVID-19 pandemic.
The Covid-19 Business Advisory Funding will provide support in areas such as:
Business Strategy and Continuity Planning (continuity creation; scenario planning; diversification)
Finance and Cashflow Management (integrated cashflow; modelling; assisting with bank re-financing; budgeting and pricing structures)
Health and Wellness (resilience capability; stress management)
The above services must be delivered prior to 30 June 2020.
Have fewer than 100 full time equivalent employees;
Are registered for GST in New Zealand;
Are operating in a commercial environment;
Are registered with a New Zealand Business Number (NZBN);
Are a privately owned business or are a Māori Trust or incorporation under the Te Ture
Whenua Māori Act 1993 or similar organisation managing Māori assets under multiple
Have completed a discovery assessment with an RBP Growth Advisor who will then
make a determination on whether a business will receive 1-1 Advisory funding;
The business must demonstrate, with tangible evidence, how they have been
negatively affected by COVID-19 and display how this funding will improve and/or
guide them through this crisis; and
RBP Growth Advisors must be satisfied this funding will be beneficial to the customers
long term sustainability.
Providers for the above services must be listed in NZTE’s ‘marketplace’ (under the ‘Service Categories’ select the ‘COVID-19 Support’ option to check those providers who are approved for the above).
Find out more about the Regional Business Partner Network and the services they offer.
New Government loan scheme
1 May 2020
The Government will provide interest free loans for a year to small businesses impacted by the COVID-19 economic shock to support their immediate cashflow needs.
The Small Business Cashflow Loan Scheme will provide assistance of up to $100,000 to firms employing 50 or fewer full-time equivalent employees.
Loans will be interest-free if they are paid back within a year. The interest rate will be 3% for a maximum term of five years. Repayments are not required for the first two years.
Applications will open on 12 May and be managed by Inland Revenue.
Business Support Information for Papatipu Rūnanga
Te Rūnanga o Ngāi Tahu remains committed to supporting Ngāi Tahu ventures and entrepreneurs.
The Tribal Economies Team have produced some information sheets to help support whānau businesses in response to the evolving impact of COVID-19.
Also see the Ngāi Tahu website for the latest information and resources.
Check out the Wage Subsidy Calculator available on the Panel Trade Chartered Accountant’s website - it’s been created to help businesses better understand wage subsidies.
Regional Business Partner Network
You might be wondering how you are going to get through this tricky time and what support is available to you?
The Regional Business Partner Network has been given funding to support business through COVID-19.
Icehouse provides support for small businesses and can help you with:
- Human Resources – You may be struggling with COVID-19-related employment law obligations with respect to restructuring, redundancy and change of work hours.
- Health and Wellness – Learn how to deliver positive messaging, stay connected through remote channels and how to access EAP assistance programmes.
- Business Continuity Planning – Create contingency plans with your designated coach to help your business get through the next few months and build team readiness and resilience. Even discover how to delegate when an owner is incapacitated.
- Finance and Cashflow Management – Undertake a high-level financial analysis of the key numbers in your business such as cash flow, payroll and accounts receivable/payable.
Businesses will be able to access $2000, with the potential of up to $5000 (ex gst) in funding to fully fund advice in the areas above.
Funding will initially be $1.5 million. The RBP hope to distribute this fund to as many businesses as possible. This will be managed by the growth advisors and will be at their discretion.
Businesses will need to have meet with an RBP Growth Advisor and registered on the RBP Platform to access this support. Businesses will need to meet existing eligibility criteria:
- Have undergone an assessment with a Regional Partner (i.e.: Growth Advisor);
- Have fewer than 50 full time equivalent employees;
- Are registered for GST in New Zealand;
- Are operating in a commercial environment; and
- Are a privately owned businesses, or are a Maori Trust or incorporation under the Te Ture Whenua Maori Act 1993 or similar organisation managing Maori assets under multiple ownership.
Check out the Icehouse website for more information.