Investment of $3.7m for collectives

Maori Party leader Te Ururoa Flavell. Photo / Jason Oxenham

Local iwi trusts have received $3.7 million in funding from Te Punaha Hiringa: Maori Innovation Fund's Commercial Advisers Scheme.

The Maori Development Minister and Waiariki MP, Te Ururoa Flavell, in making the announcement, said: "A total of $3.7 million will be invested over two years to support these Maori collectives with realising the economic potential of their assets."

Those to benefit include the proprietors of Taheke 8C and adjoining blocks, Te Arawa River Iwi Trust and Tuhoe Tuawhenua Trust.

The scheme allows collectives to partner with a commercial adviser who will act as mentors and give support in identifying opportunities, developing business cases and obtaining professional advice.

"I'm pleased to see there was strong demand for the inaugural funding round. A large number of proposals came from collectives planning to develop their land and fisheries assets, or property and tourism initiatives," Mr Flavell said.

Another successful applicant was the Miere Coalition which is a group of Maori landowners, honey producers and investors. The coalition has been awarded $60,000 for one year so that a commercial adviser can help with strategic planning, financial modelling, the refinement of any business model as well as give advice on structure.

Te Punaha Hiringa: Maori Innovation Fund is a Maori Party initiative that was announced as part of Budget 2014.

"The Commercial Advisers Scheme will enable Maori collectives to get new businesses up and running and help existing businesses become more productive," Mr Flavell said.

The fund supports the goals of He kai kei aku ringa - the Maori Economic Development Strategy, which provides a blueprint for a productive, innovative, and export-orientated Maori economy.

For more information on the fund visit http://www.msi.govt.nz/get-funded/get-help-to-build-your-business/te-punaha-hiringa-maori-innovation-fund/