Small to medium sized Cook Islands businesses who have been affected by Covid-19 are being offered financial assistance.

A SME (small to medium enterprise) is any business that employs up to 50 employees.

Cook Islands Chamber of Commerce chief executive Rebecca Tavioni said the adaptation grants are targeted at assisting businesses who have had to adapt their primary service and/or product offering as a result of Covid-19.

The grants come under the umbrella of Business Link Pacific (BLP), a private sector development program funded by the New Zealand Ministry of Foreign Affairs and Trade (MFAT) and the Australian Department of Foreign Affairs and Trade (DFAT).

The Cook Islands Chamber of Commerce is the in-country partner for the BLP program.

Tavioni said there is a strict eligibility criterion that must first be met, once submitted, all grant applicants are accessed on the following:

•             What the business will/has adapted and why.

•             How the business will/has implemented their adaptation plan.

•             A positive (indicative) return on investment over two years.

•             Any positive contribution to the development of youth, women, vulnerable and disadvantaged groups.

•             Any other relevant considerations.

The grant amounts available are:

For businesses with up to five employees up to NZD $5000

Businesses with up to 20 employees up to NZD $10,000

Businesses with up to 50 employees up to NZD $10,000

The business adaptation guidelines state the grants are designed to assist SMEs to overcome the impacts of the COVID-19 crisis and help them to introduce changes and adaptive strategies that will help the business to grow in the future.

“Supported with subsidised business advisory support, adaptation grants will assist SMEs in adjusting to the current business environment and will provide funding for stabilisation and recovery of business operations and, where appropriate, lead to access to financial services and concessional loans through BLP’s partner financial institutions.”

Applications can be made online via fhttps://businesslinkpacific.com/sme/adaptation-grant-CI or with the assistance of the Cook Islands Chamber of Commerce.