The Māori Trustee to fund a $10m Top-Up package providing additional financial support for Māori SMEs
The Māori Trustee (Te Tumu Paeroa) has established a Top-Up Māori Small Business Cashflow Loan Scheme.
The Top-Up Loan Scheme makes an additional $10m available for Māori SMEs to meet core operating costs and will provide further assistance for Māori SMEs impacted by the Covid-19 economic shock to support their immediate cashflow needs and meet fixed costs.
Māori SMEs that have received a loan through the IRD administered Small Business Cashflow Loan Scheme will be able to apply for 50% of the loan amount from the Māori Trustee on substantially similar terms, including an interest-free first year if the loan is repaid within 12 months.
The Top-Up Loan Scheme is now open to online applications and remain open until 14 August 2020 or until $10m is committed to eligible applicants. Information and terms of the Top-Up Loan Scheme can be viewed on the website.
The Top-Up Scheme recognises that Māori owned businesses generally have a lot more owners, and so Māori SME failure is likely to have a disproportionately negative impact on whānau that rely on these businesses, said Te Tumu Paeroa’s Chief Executive Dr Charlotte Severne.
Māori SMEs are a fundamental expression of Māori entrepreneurship and identity. They are a source of pride and sustain our people and our communities. Cashflow is the life-blood of SMEs and the Top-Up package recognises that some Māori SMEs will need additional financial support as they seek to rebuild, she said.
Top-Up Loans will be advanced from the Māori Trustee’s General Purposes Fund, a fund administered by the Māori Trustee for the benefit of Māori under the Māori Trustee Act 1953.
Applications closed at 5pm on 31 December 2020.
Media enquiries contact Emma Wheeler, Marketing and Communications Manager, [email protected] or by phone on 04 474 4681.