Applying for the NIWE Primary Producer Finance Scheme
The Scheme was open for applications and Expressions of Interest for 6 weeks, from 31 July to 8 September 2023. The total funding available is $240 million and must be committed by 30 June 2024.
We are currently evaluating Expressions of Interest and Applications received. If you have submitted an Expression of Interest, one of our advisors will contact you in the coming weeks to let you know whether you should apply for the Scheme in full and what the next steps are. If you are invited to submit an Application form, you must do so before the scheme closes.
If you have submitted an Application, one of our advisors will contact you in the coming weeks to let you know if you have been successful and what the next steps are.
The Scheme process below shows you what you can expect from us as we consider your EOI or Application.
About the process for Applications and Expressions of Interest (EOI) once forms have been received
- When you email Kānoa your completed Expression of Interest or Application form, you will receive a response confirming receipt.
- Some applicants may be asked to supply more information, in particular to support full Applications. Kānoa officials will contact you if such information is needed.
- Applicants can expect to receive a letter notifying them of the initial assessment of their Expression of Interest within 10 working days.
- If you submit an Expression of Interest that aligns with the eligibility criteria, Kānoa officials will invite you to begin developing an Application.
About the evaluation and consideration process for applicants
- Applications will be formally evaluated against assessment criteria.
- As part of the evaluation, Kānoa officials will undertake standard due diligence and financial due diligence processes.
- Kānoa may seek independent commercial advice when considering the proposal's viability.
- Application recommendations will be provided to Joint Ministers for decisions.
- Applicants will receive a letter notifying them of the outcome following a formal decision.
Executing the Funding Agreement
- Following Ministerial approval, successful applicants will receive a formal notification letter.
- Applicants will be contacted by a Kānoa official to commence contract negotiations.
- If any terms of the Ministerial approval change during contract negotiations, the proposal will need to be reconsidered appropriately.
- Applicants will receive a deliverables timeline and information about reporting requirements upon contract execution.
Process flow steps
- Applicant considers eligibility and need for funding.
- Applicant visits Grow Regions website from 31 July 2023.
... for Expressions of Interest (EOI)
- If the applicant is not ready to submit an Application, they can access and complete an EOI form by 8 September 2023.
- EOIs will be invited to apply. Applications are to be submitted before the scheme closes. All funding must be committed by 30 June 2024.
... for Applications
- If the applicant is ready to submit an Application, they can access and complete the Application form by 8 September 2023.
- Kānoa will evaluate Applications and complete due diligence.
- Proposals will be considered by Joint Ministers.
- Kānoa will notify applicants of the outcome.
Help with completing the forms or providing the information
If you need advice on filling in the form, your usual financial advisor or accountant may be able help. Kānoa advisors are also available to you and are present in the Regions.
What supporting information to provide
Here is a list of the supporting documentation you will need to provide with your Application:
- Details of your proposed recovery approach to returning to viability, with supporting business plan and budget forecast.
- Financial model - a completed excel financial viability model (see below for more information about this).
- Pro forma letter from your usual lender confirming they are unable to extend any additional lending/funding.
- The last 2 years of financial statements (cashflow, balance sheet, profit and loss).
We anticipate many businesses will have prepared this documentation for other funding requests, and we encourage you to re-use documentation where it meets the evidence requirements set out above. For example, if you have provided this information previously to your lender that information could be repurposed.
Financial model templates
A financial model is expected as part of your Application to help us understand your cashflow projections.
If you do not have an existing model or are unable to prepare one in time, you could refer to these illustrative examples and use them as templates. There are sector specific examples as well as a generic example. To use these templates, save and edit the file, and attach this to your application.
Pro forma letter template
We have developed a letter template that your bank /funding provider can use to refer you to us. This letter confirms that they are unable to extend any additional lending/funding at this point in time.
Email your completed EOI or Application to us
The window to submit an Expression of Interest to the scheme has now closed. If your Expression of Interest submitted by 8 September 2023 is eligible, one of our advisors will contact you in the coming weeks to let you know whether you should apply for the Scheme in full and what the next steps are. Application forms, along with the additional supporting information outlined above and in each of the forms, can be emailed to firstname.lastname@example.org.