The Eastern Bay Community Foundation is setting up an Ōpōtiki Business and Enterprise Fund to encourage local young people into their own businesses.

Foundation engagement manager Mike Howe is aiming to raise a fund of $100,000 with the support of local businesses, industry leaders and iwi.

The fund would support start-ups and entrepreneurship within the community.

“Ideally, we want to provide people with a pathway to come back into the area after studying,” Mr Howe said.

Those who contribute to the fund will be invited to listen to presentations from applicants.

“We will organise a shark tank or Dragons Den type of scenario, where funders are a part of that vote,” he said.

The chosen applicant will receive 50 percent of the funds towards the infrastructure of their business, which can be used for rent, plant and machine costs, or marketing.

“It’s real startup money. We want to find the best and brightest people in New Zealand, but we’re hoping young people who have left the region to study will see this and want to come back.”

The only caveat is applying businesses must operate from the Ōpōtiki region.

The remaining percentage of the fund will be invested into a sustainable endowment fund, and the growth from this will be funnelled into supporting other community projects.

“Not necessarily just business and enterprise, but we could support education, trade scholarships, environmental projects or disaster relief,” Mr Howe said.

Mr Howe is in the process of building the fund with businesses and industry leaders and hopes to have it ready by the end of this year to start receiving applications in early 2025.

“I want to get everyone behind this idea, to create something positive for our town,” he said.

The Eastern Bay Community Foundation exists to simplify the process for donors giving to community organisations.

Mr Howe said operational costs were kept at a minimum with 98 percent of funding ending up where it should be.

“What I’ve discovered is there is a huge desire for people to support causes and be philanthropic, either during their lifetime or after they have passed on.

“What’s not so easy is finding a way to deliver that, and that’s where we come in.”

The foundation also works with community organisations to create structures allowing accessible funding from donors.

“Our goal is to help them build an infrastructure to help others to support these great community organisations,” he said.

Anyone wanting to learn more about contributing to the new business and enterprise fund can contact Mr Howe at [email protected]or 021 226 2773.

Looking ahead, Mr Howe plans to establish similar funds in Whakatāne and Kawerau.