Development West Coast (DWC) has created a Glacier Country Business Support Fund (GCBSF) in response the COVID-19 pandemic which is having an unprecedented impact on local, national and international economies, and in particular businesses in the tourism sector as a result of the closure of New Zealand’s borders.

The GCBSF is a fund of $5m, the bulk of which will be made available to Glacier Country businesses subject to specific eligibility and criteria set out below.  It is a one-off allocation of funds, and access to this funding is only available through application between the period 1 April and 12 April 2021.

 


Application Process


1. Applications must be made on this GCBSF application form, accompanied by the following supporting information and signed documentation:

  • Financial Information for the 2019, 2020 and 2021 financial years. Noting the end of financial year, we acknowledge that businesses may only have management accounts for part of the year available for 2021.

  • Evidence full-time and part-time employees currently employed (refer below).

2. Applications can be made between 1 April and 10am Monday 12 April 2021.  No applications will be accepted after that time.  Applicants can only make one loan application and no amendments can be made after the application has been submitted.

3. All applications will be assessed against the eligibility requirements, and DWC reserves the right to decline any application that is deemed not to be in the spirit of the GCBSF.

4. Applicants have the option to accept the full loan amount of up to offered of up to $50,000 or a smaller loan amount.

5. Only applications that meet all eligibility criteria will be considered.  Please refer to the Eligibility Self Check in the Application Form.

6. Applications must be submitted via email to: This email address is being protected from spambots. You need JavaScript enabled to view it..

 

The application form gathers information about your business, along with accompanying information to support your application.  It contains authorities to carry out various credit and identification checks required to be undertaken on applicants.  Each section of the application form provides guidance on the information being sought.

This application form contains a number of discretionary assessments including, without limitation, what is a substantial level of ownership, whether a business meets certain criteria, whether a business has demonstrated business viability, what is in the spirit of the GCBSF and whether a business or person is located inside or outside the GCBSF area. The intention of the management of GCBSF is that all such assessments, views and decisions will be made or decided by DWC in its sole and absolute discretion using any such criteria as it decides is appropriate in the circumstances.

If you have any queries, we encourage you to email your query to  This email address is being protected from spambots. You need JavaScript enabled to view it. in the first instance, or phone our Business Support Officer, Amanda Hopkins, on 03 769 7014 or free phone 0800 768 0140.  All enquiries and applications are treated in the strictest confidence.

 


Eligibility Self-Check


Eligible Business

  • Funding must be utilised for purposes which comply with the Objects of DWC’s Deed of Trust (“the Deed”).

  • Be a “West Coast enterprise” as defined in the Deed, and in particular be located within the geographic area of “Glacier Country” between Whataroa and Lake Moeraki.

  • Be GST registered.

  • Have been in operation for at least twelve months’ prior to making the application.

  • Minimum of 3 FTE’s prior to COVID-19 pandemic (please refer to the FTE Calculation note included).

  • Provide evidence of at least a 50 percent decline in revenue, excluding Kaimahi for Nature funding, due to COVID-19, over any six-month period in the previous year, compared with the same six-month period in the prior year. i.e. summer to summer seasonal period.

  • Only employ individuals able to legally work in New Zealand.

  • Minimum $100,000 turnover (gross revenue) prior to COVID-19/FY March 2020.

  • Have a substantial level of New Zealand ownership and governance.

  • Be able to demonstrate that the business is viable and have a plan to ensure ongoing viability (please refer to the Business Viability note included).

  • Have employment opportunities, including retention of existing employees, as a direct effect of DWC’s finance.

  • Demonstrate how DWC funding will be utilised.

  • Demonstrate how the project will promote and/or retain employment, including quantum of FTEs.

  • Only one application has been submitted where there are a group of commonly owned businesses.

     

Ineligible Business: The following businesses or organisations are not eligible for GCBS Funding. 

  • Recipients of the 2020 Strategic Tourism Asset Protection Programme (STAPP) funding.

  • Not For profit Organisations.

  • Local or Central Government organisations.

  • Businesses outside the geographical area of the GCBSF.

     

Eligibility Notes


FTE Calculation

An employee working 25 hours or more per week is considered full-time.
An employee working up to 25 hours per week is considered part-time.

To work out the number of full-time-equivalent employees (FTEs):

  • Full-time employees count as 1 FTE.

  • Part-time employees count as 0.6 FTE.

  • The sum of your FTEs is rounded to a whole number (that is, all employees are cumulative, eg 4 x 0.6FTE’s is calculated as 2.4 FTE’s)

     

Business Viability

This generally means the directors or owners have good reason to believe it is more likely than not the business or organisation will be able to pay its debts as they fall due within the next 18 months. Your accountant may be able to provide this advice.

You must keep any evidence of the business or organisation’s ongoing viability at the time of requesting the loan, as we may audit your application.

Evidence might include, for example:

  • a cash-flow forecast for the business or organisation for the short term.

  • a plan for where revenue will come from in future market conditions, and a forecast of those revenues.

  • financial statements showing the business or organisation has enough resources to sustain itself when including the loan.

  • your accountant’s assessment that the business or organisation is viable and ongoing.

We ask loan applicants to evaluate this requirement honestly and in good faith, on the basis that the loan scheme has been designed to assist small to medium sized businesses and is not intended to benefit large businesses or organisations, which control multiple small to medium sized businesses or organisations.

 

Commonly owned groups of businesses and organisations

A commonly owned group of businesses is (generally) considered to be one where each business has the same combination of owners. It does not matter whether those owners have the same proportion of ownership in each business.

In addition, a business may also be treated as being in a commonly owned group if it is in substance part of a larger group of businesses. For example, this may occur where:

  • The group has a dominating shareholder or group of shareholders and the businesses operate together as if they were one.

  • The group of businesses involves a complex ownership structure where the overall control is centralised, and the businesses are in substance one enterprise.

We ask loan applicants to evaluate this requirement honestly and in good faith, on the basis that the loan scheme has been designed to assist small to medium sized businesses and is not intended to benefit large businesses or organisations, which control multiple small to medium sized businesses or organisations.

Request an application form now: This email address is being protected from spambots. You need JavaScript enabled to view it. 

Contact DWC to discuss your application – phone 0800 768 0140 

 


Lake Matheson