West Coast New Zealand

Qualifying applications

To be eligible for investment by Development West Coast, all applications must comply with the conditions of the Deed of Trust. This document presents the rules and regulations by which Development West Coast is governed.

The key conditions of the Deed of Trust are that any proposal must:

• Promote sustainable employment opportunities in the West Coast region
• Generate sustainable economic benefits for the West Coast region
• Support projects which are not the ordinary day-to-day running, maintenance and upgrade of infrastructure that is normally the responsibility of local authorities or central government

Considering applications

Applications are considered for approval in the first instance by Development West Coast’s Advisory Body. The Advisory Body recommends applications to Development West Coast’s 7 trustees for further consideration.

When considering applications the Advisory Body and the Trustees, must have regard to:

• Appropriate strategic development plans for the West Coast Region including those of eligible infrastructural organisations
• Whether other sources of funding or support are available
   

In addition;

The Advisory Body shall only recommend proposals where:

• The total amount of distribution to the Recommended Recipient does not exceed 90% of the cost of the proposal
• The proposal aims to achieve self-sufficiency and sustainability

The Trustees have determined that in assessing the applicant's level of contribution to a proposed project, no recognition shall be given to:

• Intangible assets
• The applicant's time

Information Requirements

Businesses applying for investment support from Development West Coast are expected to provide additional background information as part of their application.

The nature and amount of information provided may vary according to the size and complexity of the application. 

In general, an applicant is expected to provide as a minimum:

1. A business plan
2. Formal integrated financial forecasts of profitability, cash-flow and balance sheets, for the minimum forecasted period necessary to demonstrate both the sustainability of the proposal, and the ability of the applicant to meet interest and principal repayment obligations
3. Sufficient notes and explanations to the financial forecasts to allow the Advisory Body to appraise the realism of the key drivers of the forecasts. Information may include unit sales and prices, expected increases in staff numbers, staff categories and employment costs
4. For existing businesses, a summary of the organisation’s performance over the previous three years, covering profitability, cash-flow and closing balance sheet.
5. A clear demonstration of the availability of appropriate business, management and technical skills and experience to ensure the success of the project
6. Details of security offered to support Development West Coast lending, including details of personal guarantors and their assets
7. Details of any insurance covers available to protect the assets offered as security
8. Details of the exit strategy proposed for any equity investment requested from Development West Coast
9. A copy of the constitution where an equity investment is being sought
10. Comment on relevant legislative compliance issues, such as the Resource Management Act, Building Act and the Health and Safety in Employment Act

For further information about application information requirements please contact:

Rachel Malcolm
Relationship Manager
Freephone: 0800 768 0140
DDI: (03) 768 1068
Email: business@dwc.org.nz