Government Support for Small Businesses
By Otago Chamber of Commerce | Posted: Tuesday December 17, 2019
On 2nd December the Hon Stuart Nash announced the release of the Small Business Council Strategy to support small business and a growing economy
The following is an excerpt from the press release issued by Mr Nash's office:
The Government is backing recommendations from the Small Business Council (SBC) and has agreed to implement three initiatives immediately to support business and a growing economy.
- The government will take the lead on prompt payment practices. It is setting a target for government departments to pay 95 per cent of domestic invoices in 10 business days by June 2020.
- Access to finance will be facilitated via a new online tool on the business.govt.nz site. The Funding Explorer will be an interactive resource to help business owners identify the right finance options for their circumstances. It is a partnership with the banking industry and business and accountancy specialists.
- Efforts to build capabilities and skills amongst small business owners, particularly digital skills, will be supported through new resources on business.govt.nz. The resource covers the fundamentals of business strategy, and was developed in partnership with technology leaders from Duke University in the U.S.
"Having strategic advice and resources in one in place can be the difference between surviving and thriving – and it might not be as hard as businesses imagine. The new resource, Business Strategy, will connect local SMEs with global best-practice advice".
“Around 10,000 small business owners use business.govt.nz resources every day, and its new tools and resources will help them navigate the often tricky areas of strategic development and sourcing new avenues of capital".
“The Funding Explorer is a smart tool and tailors recommendations on 23 different funding options based on a SME’s circumstances".
"The remaining recommendations from the SBC are being incorporated into a programme of future work. The small business work programme will align with our broader Economic Plan and support the vision of a productive, sustainable and inclusive economy"
The SBC strategy adds to the momentum on other business-friendly initiatives such as new incentives for research and development; action on unfair commercial practices; improving access to venture capital; greater fairness to the tax system; and improved infrastructure in the regions.lusive economy".
More information about the SBC, including the SBC strategy, can be found here: