Budget 2003 Pacific Business Boost

Pacific peoples are to get more help starting or developing their own businesses with an extra $1.504 million over the next four years, Acting Pacific Island Affairs Minister Chris Carter announced today.

The money, part of Budget 2003, is to go to the Pacific Business Trust (PBT), a crown entity and charitable trust that aims to assist New Zealanders of Pacific descent start and develop successful businesses.

“This new funding represents an increase of almost 40 percent in the Trust’s annual funding from government. The Trust is going from strength to strength, and the new money will allow it to further expand its services.

“About 1000 people have been helped by the Trust in the last year. The Auckland based Trust has set up a Porirua office recently and is soon to open in Christchurch so Pacific people from all around the country will soon have access to its information and services.

“In addition the Trust is forming strong partnerships with other groups, including the Community Employment Group, Business Porirua and the Poutama Trust, which aims to foster business development among Maori. Such networks will further strengthen the PBT and further help Pacific peoples.”

The trust provides venture funding as well as advice, mentoring and networking opportunities for Pacific peoples.

“The trust has a key role in the drive to encourage greater encouragement of Pacific peoples in New Zealand’s economic development.

“This was recognised by a one-off capital injection in Budget 2001 of $0.5 million, and annual funding since of around $930,000. I am thrilled to boost that figure even further.”

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