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Concerning data from IRD reveals more than 10,000 Small Business Cashflow Scheme loans are in default, totalling $177m in debt.
Buy NZ Made executive director Dane Ambler says shopping and supporting local has never been more important.
“The scheme helped small business stay afloat during the COVID period but a clearer picture is emerging as to just how difficult the current trading environment is.
“With liquidations up 40 per cent on the same period last year, retailers are currently experiencing an exceptionally high rate of failure.
“Many small businesses were hopeful that there would be light at the end of the COVID tunnel by now, but unfortunately that hasn’t been the case.”
Meanwhile, recent Stats NZ data shows 13 of 15 retail industries had lower total retail sales volumes in the September 2023 quarter compared with the September 2022 quarter.
With the holiday season in full swing, Buy NZ Made is reminding shoppers that they can make a real difference to their communities by choosing to buy New Zealand-made gifts and experiences.
“This Christmas, we’re asking Kiwis to think about the impact their spending can have on our local economy, including creating jobs, investing in our communities, and in many cases reducing our environmental footprint.”
