District Economic Stimulus Fund launched

District Economic Stimulus Fund launched

Development West Coast has today launched a “District Economic Stimulus Fund that will provide $1 million to each of the three district councils to help boost business development and growth.

The Fund can not be used towards community assets but instead must be used by the councils for projects that will support business on the West Coast.

DWC Chair John Sturgeon says trustees recognised that in the current economic climate businesses are hurting.

“Trustees want to provide funding that supports the businesses environment and encourages employment on the Coast. This Fund will support initiatives to help businesses grow and can also be used by councils to leverage additional funding from Central Government and other funding sources,” he says.

It is anticipated the funding will be used for projects like progressing the implementation of ultra fast broadband and other initiatives that will make doing business easier on the West Coast.

“This is a really positive and timely initiative for the Buller region and we will be looking carefully at what is the best use of the Fund,” says Buller Mayor Garry Howard.

“The stimulus package that DWC is offering the three councils is just what we need at the moment and will enable us to get on with economic development and keep employment in the region”, says Grey District Mayor Tony Kokshoorn.

Westland Mayor Mike Havill says it is an initiative that will allow each council to get the maximum value for their communities.

“There is the opportunity to leverage off the $1 million so we will have to come up with projects that will allow us to generate even more funding and ensure the whole of the Westland District and its businesses benefit,” he says.

Each District Council will develop proposals to be submitted to DWC for consideration. The main criteria to be met is the ability to demonstrate how the project or proposal will promote employment and generate sustainable economic benefits for the District.

DWC, in consultation with the District Councils, is also developing a specific business and industry stimulus fund to be made available direct to businesses. They plan to announce details in the next few weeks.

ENDS

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