ECT commits $4.5m a year to economic development funds

Gavin Murphy

GISBORNE could be the birthplace of groundbreaking business ideas with the aid of a new multimillion-dollar boost from Eastland Community Trust.

Following changes to its funding regime, ECT plans to distribute $4.5 million a year to economic development projects, effectively doubling the fund it makes available for economic development in the region.

Chief executive Gavin Murphy said thanks to years of prudent management and positive financial results, ECT was in a strong position to show more leadership on economic development through two new funding pools.

The Economic Investigation and Research Fund is designed for those who have a ground-breaking business idea but need to test its viability, feasibility or impact further. It’s a contestable fund with $500,000 available for distribution.

“With this fund, we hope to empower smaller business to make outstanding decisions and to support those initiatives that incrementally improve the business environment,” he says.

“We are looking to fund research and reports that enable local businesses to minimise risk, and identify and quantify opportunities for growth and job creation down the track.”

Meanwhile, the Regional Economic Growth Fund is designed to allow ECT to deliberately intervene by investing in new and growing businesses, creating jobs and increasing GDP in the Gisborne region. ECT has made $4 million available in this fund.

Mr Murphy believes, in the long-term, these funds have the potential to ensure our community can take charge of its economic future, particularly when combined with the efforts of critical regional partners — Activate Tairawhiti, Gisborne District Council and iwi.

“There’s a commonly-held aspiration for our community — one where business thrives, whanau have access to sustainable and well-paid jobs, and communities prosper.

“Whether working at a regional, community or hapu level, we have a community-held fund that can support real transformation and further strengthen ECT’s ability to execute.”

The trust is actively seeking applications for both funds and is looking for projects with the potential to create sustainable, well-paid jobs, enhance business diversity, increase GDP and align to the region’s key economic drivers. Those interested can find more information at www.ect.org.nz

The new pools take the place of the former Prosperous Fund, from which ECT last year approved a total of $1.9m in distributions.