The Provincial Growth Fund (“PGF”) is a massive opportunity for economic development in regional New Zealand – including Taranaki.

The New Zealand government is investing three billion dollars in the PGF over three years and is actively seeking projects which:
 
  • Create jobs and provide sustainable economic growth
  • Increase social inclusion and participation
  • Support Māori development and prosperity.
  • Encourage environmental sustainability and help the country meet its climate change commitments
  • Improve resilience of regional infrastructure
 
Many early PGF investments have been in public initiatives but the fund can also invest in commercial projects – most likely in the form of a loan or possibly as equity or an underwrite.
 
The Ministry of Business, Innovation and Employment (MBIE) manages the PGF and they have just released a Guide to the Provincial Growth Fund

Further information on the PGF including Application Forms are available at www.growregions.govt.nz.
 
Project applications will be assessed against several key criteria:
 
  • Does the project lift the productivity potential of a region or regions?
  • Does it contribute to the PGF objectives?
  • Does the project create additional value and avoid duplicating existing efforts?
  • Is there a link to the regional priorities, and are key local stakeholders supportive?
  • Will the project be well managed, well governed and an appropriate risk/reward trade-off?
 
If you are considering applying for PGF support for a project please get in touch with the team at Venture Taranaki.
countmein@venture.org.nz or 0800VENTURE