A Budget boost for regional businesses

Budget 2022 was light on contributions for business, after they received considerable support during the pandemic. But there were a few sweeteners, including a new Business Growth Fund for SMEs – along with some good news for regional businesses.

The Regional Strategic Partnership Fund

The $200 million Regional Strategic Partnership Fund will invest in local projects that meet the needs of a specific region. You could apply for funding for a local project if it meets the criteria, including “creating a more productive, resilient, inclusive, sustainable and Māori-enabling regional economies.”

Better broadband

The Budget announced that $60 million will go into improving broadband infrastructure in our worst-served regions. This will make a significant difference for affected businesses. In a previous announcement, the areas named were Gisborne, Manawatū, Otago, Hawke's Bay, West Coast, Taranaki and Southland, as well as rural parts of Auckland and Wellington.

Primary sector backing

The primary sector received significant funding in Budget 2022, with $118.4 million to advise on sustainable land use, $40 million for transformation, $31.6 million for improving animal welfare practices and a huge food and fibre package worth more than $1 billion. This recognises the importance of the primary sector to New Zealand’s economy; if you work in the primary sector some of this funding may help your business to thrive.

Does your regional business need more support?

We’re here to help you make your regional business run more smoothly and profitably. We also help our clients secure funding and support from the Government wherever they are eligible.

If you have questions about what support might be available to you, or how the Budget will impact your business, do get in touch. We’d love to hear from you.