New Zealand is providing a further $2 million in funding to support the recovery of the private sector in the Cook Islands, in partnership with Business Link Pacific (BLP) and the Cook Islands Chamber of Commerce.

In a statement, Chamber of Commerce chief executive Eve Hayden welcomed the funding, and explained that it will be channelled through BLP’s Pacific SME Finance Facility, which the Chamber helps administer here in the Cook Islands.

“The Finance Facility will fund adaptation grants to help stabilise businesses affected by Covid-19, as well as offering concessional loans through local financial institutions for long-term recovery and growth,” said Hayden.

The $2 million in funding now on offer is additional to that made available through a round of BLP adaptation grants paid out earlier this year, which saw a number of Cook Islands business owners supported by grants ranging from $5000 to $15,000 each.

Business Link Pacific is a New Zealand-funded private sector development programme set up to help support small and medium-sized local enterprises in the Cook Islands, as well as in Fiji, Samoa, Solomon Islands, Vanuatu and Papua New Guinea.

BLP director Steve Knapp, who had been planning to visit Rarotonga this week before the latest border closure, says the current border situation “demonstrates why this type of support is so essential”.

“New Zealand has been working closely with the Cook Islands to confirm local needs and priorities for this funding, building on existing Business Link Pacific infrastructure and services,” Knapp added.

New Zealand High Commissioner to Cook Islands Tui Dewes said that “New Zealand is very aware of the significant impact Covid-19 has had on the Cook Islands economy, and is pleased to provide this additional $2 million to support local businesses”.

“This latest assistance complements the $30 million New Zealand provided last month to support Cook Islands’ economic recovery.”

Information on how businesses can apply to receive funding through the Finance Facility will be provided soon.

• Cook Islands Chamber of Commerce