New training and tools for digital commerce will give small businesses, especially in the tourism sector, the support they need to adapt and innovate in a COVID world. Tourism Minister Kelvin Davis and Small Business Minister Stuart Nash have announced details of how $20 million digital capability funding set aside earlier this year will be allocated.
The Government’s support for businesses and jobs continues to roll out at pace, with payments of the new wage subsidy already in nearly 50,000 business bank accounts.
The Government is today announcing further support for businesses that continue to be affected by the global COVID-19 pandemic, as the broader economy becomes one of the most open in the world following the success of New Zealand’s public health efforts.
Government Ministers are asking significant private enterprises to adopt prompt payment practices in line with the state sector, as a way to improve cashflow for small businesses.
“This Budget is about creating jobs. We know how businesses and workers have been impacted by this global pandemic. This Government is backing businesses to regain the confidence to invest as we work together to grow the economy in the face of this global recession,” Finance Minister Grant Robertson said.
The Government will provide interest free loans for a year to small businesses impacted by the COVID-19 economic shock to support their immediate cashflow needs and meet fixed costs.
Unfair business practices are being targeted in new legislation introduced to Parliament.
The Coalition Government is backing Kiwi companies to innovate and grow by making it easier to invest in new assets and business models, and giving start-ups a better shot at success.
Small Business Minister Stuart Nash says the report of the Small Business Council will help maintain the momentum for innovation and improvements in the sector.