NIWE Primary Producer Finance Scheme open for applications
Published: 18 August, 2023
Land-based primary producers severely impacted by the North Island Weather Events (NIWE) in early 2023, including Cyclone Gabrielle and the Auckland Anniversary Weekend flooding, can now apply for the NIWE Primary Producer Finance Scheme.
This Scheme is targeted at North Island land-based primary producer businesses, such as orchards and farms, that were severely impacted by these recent weather events, and is being administered by Kānoa.
Now open for Expressions of Interest and Applications, the NIWE Primary Producer Finance Scheme aims to provide access to finance for growers and farmers unable to access lending without further support. The funding is targeted towards severely impacted businesses that have a likelihood of being commercially viable but cannot currently access finance.
"By providing concessionary loans and equity finance, we will be able to help eligible businesses get back on their feet. The aim is to help get them to a point where they can re-engage with lenders,” says Robert Pigou, Deputy Chief Executive and Head of Kānoa – Regional Economic Development and Investment Unit.
“We are pleased to be able to administer this Scheme and help provide those businesses which just need that little bit of extra support to get going again. Kānoa is invested in the success of regional New Zealand, so it is fitting that we provide support in this way” says Robert.
The NIWE Primary Producer Finance Scheme is now open for Applications and Expressions of Interest. Applicants have 6 weeks to submit their information to Kānoa.
The Loan Guarantee Scheme
Included alongside the NIWE Primary Producer Finance Scheme in the package of financial support announced by the Government on 29 June was the Loan Guarantee Scheme.
The Loan Guarantee Scheme enables commercial lenders to provide loans to highly impacted businesses across all sectors with more favourable terms, such as reduced interest rates. The Loan Guarantee Scheme is being implemented by commercial lenders, such as banks. More information can be found on the Treasury website.