Morena – short/answer is Callaghan Innovation will release details shortly, and the programme will kick-off early June: Here is what I could find out – so far- the Government has put aside $150 million for a fund to provide loans to R&D-intensive
businesses, to complement the existing R&D Tax Incentive.
• The scheme is intended to encourage R&D-intensive businesses to retain as much of their existing R&D programme as they are able to. We expect most R&D performing firms will be able to access repayable loans up to the equivalent of 50% of a business’ annual
R&D expenditure, up to a cap of $100,000.
• The loans will be offered on favourable terms with the proviso that the money is used to conduct R&D. This recognises the value of R&D to New Zealand, and the difficulty many innovative firms have securing finance for high-risk R&D activity.
• The scheme will be up and running by early June. Further details will be announced in coming days.
Short summary – $100,000 loans capped, with it being 50% of what you are spending on R&D, repayable.