Cash to be pumped into Kiwi business support

14th May 2020 By Staff Reporter | news@tourismticker.com | @tourismticker

The Government has announced a number of initiatives from SMEs as it looks to create jobs and grow the economy in the wake of the Covid-19 crisis.

Finance minister Grant Robertson’s Budget 2020 today included $230m to encourage entrepreneurship and risk-taking to help kickstart growth, as well as support for small and medium-sized enterprises.

About $16m had been prioritised to strengthen New Zealand’s brand in priority markets by maintaining, promoting and broadening its national appeal, particularly while the tourism sector was recovering.

“This investment will re-emphasise our reputation for safety, trust, resilience, ingenuity, innovation, sustainability and high-value goods and services through the highly successful New Zealand Story strategy,” Robertson said.

Economic development minister Phil Twyford said a $10m fund was being set up to provide incentives and grants to encourage e-commerce, train more digital advisors and provide information and support for SMEs wanting to incorporate e-commerce into their business models.

The fund was supported by a $2.3m investment to enable business.govt.nz to work with 200 partners to deliver tailored recovery guidance and advice to 600,000 small businesses.

Twyford said resources would focus on how to forecast and manage cash flow and adapt their businesses, obtain finance to meet needs now and for future growth, and market their businesses in New Zealand – especially tourism – and globally.

Trade and export growth minister David Parker said New Zealand had an opportunity to “leverage off the success we’ve had fighting Covid – the rest of the world is looking at us”.

“By supporting Kiwi businesses to take full advantage of New Zealand’s world-leading brand and reputation, we’re making sure that every opportunity is available for our businesses, which will, in turn, create jobs and lift wages.”