Grants and support

Productivity grants and support

There are several grants for business owners looking to invest in capital productivity, including buying new machinery or equipment, automating processes, purchasing robotics, sustainable practices, plus advice and support.

Productivity grants and support
<p><b>Productivity improvements often require significant capital investment, or careful guidance to ensure money spent is effective. In New Zealand there are several initiatives that are tagged to building productivity, capability, and capacity.</b></p> <h3>ASB Productivity Grant</h3> <p>For businesses who need to invest in productivity, ASB is offering a total of $5m in grants (maximum $50,000 per business). The grant is to help NZ businesses turn bold ideas into action and invest in technology, equipment, and facilities to enhance productivity.</p> <p>Examples of investments in capital productivity include:</p> <ul> <li>Purchasing inspection technology</li> <li>Acquiring robotics to bolster a production line</li> <li>Buying equipment to facilitate additional production lines</li> <li>Adopting an integrated POS system</li> <li>Expanding facilities</li> </ul> <h3>Callaghan Innovation</h3> <p>As New Zealand's innovation agency, Callaghan Innovation offers a comprehensive suite of services aimed at empowering entrepreneurs and innovators. These services include providing funding and scientific expertise, promoting research and development (R&amp;D), facilitating collaboration between researchers, scientists, and industry, and supporting the commercialisation of innovative ideas with positive impacts.</p> <p>Financially, Callaghan Innovation offers grants, tax incentives, and other financial opportunities to help businesses grow and innovate. Such funding and support includes:</p> <ul> <li><a href="https://www.callaghaninnovation.govt.nz/products/fund/new-to-r-and-d-grant/">Research and Development Grants</a>, to fund 40% of both the cost of your proposed R&amp;D activities and Capability Development activities, up to a maximum of $400,000, helping to set you up for long-term success.</li> <li><a href="https://www.callaghaninnovation.govt.nz/products/fund/deep-tech-incubators/">Deep Tech Incubators</a>, delivered in partnership with four leading Incubators and Venture Capital firms, all highly experienced in the Deep Tech space and with their own specialisms. Whether you’re an established entrepreneur, or new to running a business, your chosen incubator will provide support needed to eventually get your solution to market. Successful applicants get a minimum of $1 million in funding, $750,000 of which is a repayable grant to help cover costs associated with commercialising their technology.</li> <li><a href="https://www.callaghaninnovation.govt.nz/products/fund/r-and-d-tax-incentive/">Research and Development Tax Incentives</a>, which is a tax credit worth 15% of the overall eligible cost. Callaghan have a dedicated team to help you with bespoke support ahead of your submission. The team is made up of RDTI experts, who are well versed in the scheme, along with scientific and technical experts who have a deep understanding of R&amp;D.</li> </ul> <h3>The Regional Business Partner Network</h3> <p><a href="https://www.regionalbusinesspartners.co.nz/">The Regional Business Partner Network</a> is one of the key platforms where businesses can register for free to get advice and information on eligibility for different types of assistance. This network facilitates connections with local business advisors who offer guidance on improving management capabilities, exploring funding options, and leveraging government assistance that may be available.</p> <ul> <li><a href="https://www.regionalbusinesspartners.co.nz/about-us">There are 15 regional growth agencies throughout New Zealand</a>, each of which has access to the same programmes and resources, but with a local focus. Each of the partners may also have their own funding available.</li> <li>For example, <a href="https://aucklandchamber.co.nz/rbp-funding-support-and-advice/">Management Capability Development Funding</a> is offered through the Auckland Business Chamber, for productivity tasks such as information and financial systems, organisational efficiency, exporting, and lean manufacturing principles.</li> </ul> <p>You can register with your local Regional Business Partner to discuss your needs, goals, and challenges with a growth advisor. They can advise you on steps to take to enhance your business, including improving productivity. You may also be able to access funding for training in areas related to productivity, such as capital raising, business systems, and business operations.</p> <p>Check out your regional organisation by accessing the list <a href="https://www.regionalbusinesspartners.co.nz/about-us">here</a>.</p> <h3>New Zealand Trade and Enterprise</h3> <p>For businesses looking for investment to fund growth, you need to know about the different funding types – each has pros and cons and suits different stages of the business lifecycle. NZTE, funded by the government, have a range of free resources and advice to better understand sources of funds <a href="https://my.nzte.govt.nz/collection/understanding-your-funding-options?utm_term=new%20business%20funding&amp;utm_campaign=BAU-Awareness+-+Search+-+Articles&amp;utm_source=adwords&amp;utm_medium=ppc&amp;hsa_acc=7812403064&amp;hsa_cam=20772550010&amp;hsa_grp=153977824925&amp;hsa_ad=681847259236&amp;hsa_src=g&amp;hsa_tgt=aud-2003522100455:kwd-20075451&amp;hsa_kw=new%20business%20funding&amp;hsa_mt=b&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=CjwKCAiAlJKuBhAdEiwAnZb7lfgHRzcv0mGykPjGD5wELGaNomw9iQEX12_9DG48lPFdkq2V9zHhshoCL_YQAvD_BwE">here.</a></p> <h3>Ministry for Primary Industries&nbsp;</h3> <p>The Ministry for Primary Industries offers funding and other support for businesses and organisations in primary industries. These include:&nbsp;</p> <ul> <li><a href="https://www.mpi.govt.nz/funding-rural-support/farming-funds-and-programmes/productive-and-sustainable-land-use/">Productive and Sustainable Land Use</a> initiative, helping land owners, businesses, and Māori decide the best way to improve productivity on their farm and improve the health of our environment. This includes on-the-ground help to support on-farm changes, information about other land-use options, advice, and help with the development of higher value food and fibre products.</li> <li><a href="https://www.mpi.govt.nz/fishing-aquaculture/fishing-aquaculture-funding-support/">Fishing and aquaculture funding</a> supporting regional councils to plan for sustainable aquaculture growth and development.</li> </ul> <h3>Digital Boost Alliance</h3> <p>This community of passionate Kiwi-based organisations are working together to help people and businesses across Aotearoa accelerate their use of digital technologies to help all businesses improve their technical productivity. As an Alliance, they have the scale to make an impact far greater than the sum of our separate parts.</p> <p>Their board comprises representatives from Microsoft, Spark, MYOB, Google, The Warehouse and other organisations seeking to make a difference. If you want to consider joining, <a href="https://digitalboostalliance.nz/register">register here.</a></p> <h3>Other forms of capital funding</h3> <h4>Venture capital (VC)</h4> <p>Typically, venture capitalists seek to invest in innovative business models, ground breaking technologies, or companies addressing significant market needs. In exchange for their investment, venture capitalists usually acquire equity in the company, which means a share of ownership and a stake in its future profits. VC funding is not just about financial investment; it often comes with strategic guidance, mentorship, and access to a wider network of potential partners, customers, and investors. However, venture capital may not be suitable for all businesses, as VCs look for companies with the potential for a significant return on investment, often through an exit strategy like a public offering or acquisition.</p> <h4>Crowdfunding</h4> <p>Crowdfunding represents a way for businesses to raise funds by collecting small amounts of capital from many individuals, typically via the Internet. Platforms like Kickstarter, Indiegogo, and GoFundMe have popularised this method, allowing entrepreneurs to present their projects or business ideas to the public, thus bypassing traditional forms of investment. Crowdfunding can come in several forms: donation-based, rewards-based, equity-based, and debt-based.<b>&nbsp;</b></p> <h3>Next steps</h3> <ul> <li>Determine how much funding you need and clearly assess what the funding will be used for.</li> <li>Research to find out which funding is ideal for you, based on your industry, needs and goals. With this information, you can determine the best funding for you to obtain capital and improve your productivity.</li> <li>Contact your Regional Development Partner first.</li> <li>If you need finance, ASB has a <a href="https://www.asb.co.nz/business-banking/productivity.html">Productivity Grant</a> to help improve productivity across a range of business activities - apply before 30 June.&nbsp;<a href="https://www.asb.co.nz/small-business-banking/small-business-banking-options.html#">Enquire online,</a> <a href="https://www.asb.co.nz/location">visit a branch</a> call <a href="tel:0800272222">0800 272 222</a> or contact your ASB Banker.&nbsp;</li> </ul>