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Newmarket business area grows by over 50%
Business Services
New Investment Initiative
It seems only yesterday that the Employment Generation Fund set out on its journey to assist those people unable to obtain finance from the usual commercial sources for the start up or development of their business venture.
In fact, their first loan was advanced 17 years ago, and since then the fund has contributed more than $1,600,000 to over 140 businesses, helping create 338 full-time equivalent jobs. In 2006 the fund was a finalist in the Vero Excellence in Business Support Awards.
The Employment Generation Fund team is understandably proud of this achievement, but recognises that over time circumstances change and over the last year has undertaken an in-depth review of the future of the fund and the type of business support offered. They have identified that the fund needs to grow, and to achieve this without a corresponding increase in transaction and administration costs have decided to seek a small number of ventures in which they will invest a proportion of their funds.
It was also accepted that the need for their lower level funding of $5k-20k is still there, and it was decided support for this should continue as a core activity of the fund.
The Employment Generation Fund is now seeking applications from interested businesses, to take an equity position for a capital value of about $50,000 for a negotiated shareholding but not controlling interest. Each application will be treated on its merits and the fund’s usual criteria will apply regarding viability, potential and general ethical principles.
If you are interested, please contact the Fund Manager Phil Hickling.
Tel:
(09) 302 8169
Email:
philh@mmn.org.nz
www.lifewise.org.nz/EmploymentGenerationFund.htm
