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Govt $6.85M support package will be welcomed

(PR.co.nz) A $6.85 million government support package announced this morning will provide much needed support to Canterbury businesses affected by the September 4 2010 and February 22 2011 earthquakes, says Canterbury Business Recovery Group (CBRG) spokesperson Peter Townsend.

The announcement by Canterbury Earthquake Recovery Minister, Gerry Brownlee and Acting Minister for Economic Development, David Carter, detailed a needs-based support package allowing for the engagement of additional Business Recovery Coordinators, international visits for exporters to key clients, a donation to a trust fund for those in need following the quakes, and more money for capability building workshops and training.

“By continuing to support the business community, the government’s support package will provide a lifeline for the whole community. It is essential for the future of the region that jobs are retained, businesses survive and thrive and money continues to flow within and into this economy,” says Townsend.

“A recent Horizon poll shows that 42% of employers in the region have suffered some loss and around a third could be closed for up to 6 months. But remarkably at this stage less than 10% have laid off staff. The government’s wage subsidy has been working well but we know it can’t last forever and these additional measures are needed now to enable the businesses to get back up and
running again. Businesses just need some immediate help to make it through this period. On the whole they want to stay in business and they want to keep their staff on and rebuild. This assistance package will help many of them do just that – and the impact will be far wider than the businesses themselves,” says Peter Townsend.

Outlined in the announcement was a $2.5 million donation to the newly formed Canterbury Business Recovery Trust Fund. The fund, which has been set up to provide cash injections into strong but earthquake affected businesses to assist them through the recovery period, will be administered by CBRG.

The $6.85 million funding for the economic recovery package will come from a realignment of funding within the Ministry of Economic Development and New Zealand Trade and Enterprises baselines. In addition to the $2.5 million invested in the trust fund, $1.7 million will be used to extend the reach of the business recovery coordinators, $2 million to support visits to international markets by earthquake affected export businesses and $650,000 for additional capability building support for business management.

Media Release from Recover Canterbury a joint venture of CDC and CECC

 



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