West Coast New Zealand

Provided below is an overview of the application when applying for investment support from Development West Coast.

Overview of the Application Process

• Applicants are encouraged to submit an initial letter of intent to Development West Coast to enable our Relationship Managers to provide initial feedback as to the fit with Development West Coast.
   
• Applicants are encouraged to meet with Rachel Malcolm to discuss their proposal prior to making an application.  This contact will better inform applicants on the supporting information/documentation they may need to provide with their application.
   
• Application is analysed by the Relationship Manager, who will also identify if further information is required and/or clarify any points as necessary.
   
• When the Relationship Manager and Client are happy with the application, an Executive Summary is completed, and provided to Development West Coast’s Advisory Body for consideration.
   
• The Advisory Body consider the full application, querying any matters as necessary and make a recommendation to the Board of Trustees to decline or approve the application.  It is not unusual for the Advisory Body to seek out additional information on an application prior to making a recommendation.
   
• The Advisory Body’s final recommendation and updated Executive Summary is then considered by the Board of Trustees.  The Board may adopt or decline the recommendation, or refer the recommendation back to the Advisory Body for further consideration for various reasons.
   
• If any application is declined, the applicant will be advised accordingly.  It is Development West Coast policy that no comment be made on the reasons for a decline decision.
   
• Successful applicants will be forwarded a Letter of Offer containing the terms and conditions of the facility.
   
• If the applicant accepts the Offer, legal documentation will be commenced by Development West Coast's solicitors in conjunction with the Applicant’s solicitor.
   
• On execution of the documentation, drawdown of funding may be commenced pursuant to the terms and conditions

Please refer to the Business Funding Process  for a more detailed process flowchart.

In addition, applicants are reminded they must NOT seek to:

Time Frames for Considering Applications

The average approval period for investment funding applications to Development West Coast is currently two months from receipt of application. This is provided full information and details are provided.

Advisory Body and Trustee meetings are held monthly.  Cut-off periods are two weeks prior to an Advisory Body meeting, which is held three weeks before the Trustee meeting.