We know the impacts of Covid-19 have been, and will continue to be, very challenging for many small-to-medium businesses. From issues with cash flow, employee well-being and productivity, and long-term prospects, the coming months are likely to be filled with uncertainty and challenge. But we also hope there are some new opportunities to work differently.
Small Business Cashflow Loan Scheme
The Government has announced additional financial support for small businesses. For businesses employing 50 or fewer full-time equivalent employees, the Small Business Cashflow Loan Scheme can provide loans up to $100,000. Loans will be provided interest-free for two years to support immediate cash flow needs, meet fixed costs and for broader things like capital expenditure. Businesses will have five years to pay back the loans, which will collect a 3% interest rate after the second year. Applications for the loan can be made until 31 December 2023.
The Small Business Cashflow Loan Scheme is in addition to several other financial options available from the Government at this time.
Regional Business Partner Network
The Government has allocated additional funding to the Regional Business Partner Network to support New Zealand businesses and service providers during Covid-19. The Covid-19 Business Advisory Funding provides support in areas such as HR, health and wellbeing, business continuity, cashflow and finance management, strategy and digital capability. Approved New Zealand business owners have access up to $5,000 excl. GST per business provided in the form of a voucher system.
The Regional Business Partner Network provides additional resources including growth advisors, business mentoring and a series of free webinars.
Business helpline for specific advice and access to Government-funded business support:
- North Island – 0800 500 362
- South Island – 0800 505 096
Here at Engineering New Zealand we want to support you through the coming months. We are running online employer drop-in sessions so that employers can discuss what they are experiencing with others. If you are interested in joining an employer group, please contact Kavita Kansara (Engagement Manager, Employers & Academics) by emailing firstname.lastname@example.org
We also support a several technical groups whose membership is largely comprised of those in small-to-medium businesses. One example is our Engineering General Practitioners Special Interest Group. If you are interested in joining a technical group, please contact Rebecca Mather (Engagement Manager – Groups) by emailing email@example.com
Finally, we have several resources available on our website to support you through this time.
If there is anything additional support we can provide, please get in touch by emailing firstname.lastname@example.org