If you’re looking to develop new skills and expertise in-house, the Capability Voucher Funding scheme could be just what you need to help you on your way.
The Capability Voucher Funding scheme helps subsidise training and coaching services so that business owners can access development opportunities across a wide range of areas, including but not limited to marketing, finance, exporting and sustainability.
The Nelson Regional Development Agency is part of the nationwide Regional Business Partner (RBP) Network, a network that supports businesses through their growth and innovation journey. As the Regional Business Partner for the Top of the South, we have a dedicated advisor on hand to assist you through the process of starting and growing your business. We can help you to identify and understand opportunities for your business to thrive, to navigate any barriers that you may face, to put together an action plan to ensure you are able to reach your business goals, and to access funding opportunities.
To access or find out more about the Capability Voucher Funding Scheme, please contact Mark Maguire, our Regional Business Partner.
What is the Capability Voucher Funding able to be used for?
Capability Voucher Funding is designed to help business owners to access training and coaching services by providing them with up to a 50% subsidy toward the registered service cost (up to a maximum of $5,000 excluding GST).
There are numerous areas in which you may be able to get assistance with, including:
Lean Manufacturing & Business Operations
The vouchers may be used for sole traders, business partners, directors, CEO’s, senior management and team leaders in the development and growth of management capabilities but may not be used for general staff training.
How do I know if i'm eligible to apply for Capability Voucher Funding?
Any business is able to meet with a Regional Business Advisor for assistance and advice, but to access the Capability Voucher Funding, the business must have undertaken a discovery assessment with a Regional Business Advisor. After the assessment, if it is identified that an investment in the business would have an impact on the businesses ability to grow and contribute to economic development within the region, the business may be eligible for a Capability Voucher to cover up to 50% of the cost of that training or coaching (up to a maximum of $5000 p/a per business).
The business must:
Be able to demonstrate both willingness and capacity to grow
Have developed an action plan together with our Regional Business Advisor
Have fewer than 50 full-time equivalent employees
Be registered for GST in New Zealand
Operating in a commercial environment
Be a privately owned business, OR a Maori Trust or incorporation under the Te Ture Whenua Maori Act 1993, OR a similar organisation managing Maori assets under multiple ownership
The business should also:
Be exporting, have export potential, be involved in the export supply chain or have the potential to contribute to economic development in the region
Demonstrate commitment to improving management capability. Indicators of commitment include the fact they have sought advice, have worked through the assessment process and are willing to co-fund capability building activities and make the required time commitment
Have an identified gap in its capability that can be addressed through management capability building and training
The Regional Business Advisor will be able to discuss the criteria for funding with you and will usually be able to confirm whether your business is eligible for Capability Voucher Funding.
How much is the Capability Voucher worth?
The Capability Voucher Funding can be used to subsidise up to 50% of the cost of the training or coaching services, to a maximum of $5,000 excluding GST. This can only be applied to the cost of services from providers who are registered with the Regional Business Partner Network.
Can I apply for more than one Capability Voucher?
Yes, you can. There is no limit to the number of Capability Vouchers that can be issued to any one company, although the total value of the vouchers must not exceed the maximum threshold of $5,000 per year.
If you have reached the maximum threshold for the year (1 July – 30 June), you must wait until the year rolls over before you can apply again. It is important to note that a review of the previous coaching will be undertaken by the Regional Business Advisor, and if necessary, a new action plan will be developed.
How do I apply for Capability Voucher Funding?
Email our Regional Business Advisor - Mark Maguire at email@example.com to set up a meeting to discuss your Capability Voucher Funding requirements. You will undergo a brief business assessment to ensure eligibility.
Who runs the training and coaching services?
You are able to use the Capability Voucher Funding with a number of local and national service providers through the Regional Business Partner Network “marketplace”, all of which have registered and been accepted into the program. You can use the marketplace to select and filter your required training requirements.
Do the Capability Vouchers expire?
Yes, they do. You have one year to actually undertake the training or coaching services, but you must “allocate” the voucher to a training or coaching service provider within one month of it being issued to you.