In partnership with the New Zealand Ministry of Foreign Affairs and Trade (MFAT), and the Australian Government Department of Foreign Affairs and Trade (DFAT) Business Link Pacific has launched the second round of Adaptation Grants for small and medium-sized businesses throughout the Pacific.
The investment of 3.3M NZD by both the New Zealand and Australian Governments to the Business Adaptation Grants is another example of how these two nations are working together with the Pacific Islands to contribute to a stable and prosperous region.
“We understand small and medium-sized businesses throughout the Pacific are still hurting financially from the impacts of COVID-19. This second window of grants will help affected businesses with funding to support new products and services, as well as projects to adapt to the changing environment,” says Steve Knapp, Director of Business Link Pacific.
Adaptation Grants will be available to eligible businesses in the Cook Islands, Fiji, Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, and for the first time in Vanuatu.
Business Link Pacific’s recent survey on access to SME finance and the impact of COVID-19 continues to show a deeply impacted sector; 84% of respondents said they have seen a decrease in their business profitability with 54.4% having reached out for financial assistance provided by banks or other financial institutions.
Also, it has facilitated 765 business advisory services subsidies, and contributed to the creation of an estimated 890 new jobs; 49% which are filled by women.
BLP invites SMEs in the Cook Islands, Fiji, Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, and for the first time in Vanuatu to visit: finance.businesslinkpacific.com/adaptationgrants and find more information about the BLP adaptation grants, including eligibility criteria for SMEs and projects.
BLP Adaption Grants in Fiji
Resort Support has had 4 of our clients receive BLP Adaptation Grants in the 1st round, so it is worth thinking about.
Business Eligibility fro BLP Adaptation Grants – Who can Apply?
Existing and operating businesses with up to 50 employees that are registered with the relevant authority in the Cook Islands, Fiji, Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, or Vanuatu.
Project Eligibility for BLP Adaptation Grants – What projects would be financed?
Contracting services, purchasing materials, equipment, working capital or equity for a loan to support your business adaptation plans.
To be eligible to apply for a grant, the applicant business must comply with the following:
- My business is an existing business currently operating in the Cook Islands, Fiji, Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, or Vanuatu.
- My business employs less than 50 people.
- My business has all necessary licenses and/or registrations required to operate.
- My business is in compliance with all tax requirements and payment obligations.
- My business is meeting all loan obligations or is adhering to an agreed payment plan.
- My business is not subject to bankruptcy proceedings.
- My business does not primarily trade in alcohol, drugs, tobacco, gambling, firearms or other harmful substances (see IFC policy here).
- My business has up to date records and documentation to provide evidence of the above.
- My business has not already received an Adaptation Grant or have an Adaptation Grant in the approval stage from the first round.
- Applications from businesses with at least 50% ownership by national citizens will be given preference.