Latest / Early Edition with Ryan Bridge / Adrienne Begbie: Prospa Managing Director on Labour's Future Fund

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Adrienne Begbie: Prospa Managing Director on Labour's Future Fund · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: To Labour's Future Fund idea two hundred million dollars in
• 0:02
  Speaker 1: seed funding from US taxpayers fund managed by the Guardians
• 0:06
  Speaker 1: of the super State owned companies' assets will be transferred
• 0:09
  Speaker 1: to the fund, dividends used to invest in Kiwi businesses.
• 0:12
  Speaker 1: Very light on detail at this point, but we're going
• 0:14
  Speaker 1: to Adrian Bigbie, who's managing director of prosper in zed Adrian,
• 0:17
  Speaker 1: good morning, Good morning, Ryan, Good to have you on
• 0:20
  Speaker 1: the show. So you help small businesses get funding. What
• 0:23
  Speaker 1: do you think of this?
• 0:25
  Speaker 2: I think it's great to see. It's great to see
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  Speaker 2: someone actually stepping forward for Kiwi businesses. Key businesses are
• 0:31
  Speaker 2: the backbone of our whole economy, so it's great to
• 0:33
  Speaker 2: say someone eh to come up with something that could
• 0:35
  Speaker 2: be potentially very good for them.
• 0:37
  Speaker 1: Do we know Do you even know whether any of
• 0:40
  Speaker 1: the businesses you work with would be eligible at this
• 0:43
  Speaker 1: point or is it so light on detail you can't tell.
• 0:46
  Speaker 2: Yes, it's the eligibility that's the question, isn't it. Ryan.
• 0:49
  Speaker 2: I think it's light on detail, but hopefully there is
• 0:51
  Speaker 2: still that more comes from it. A couple of things
• 0:53
  Speaker 2: that they've cited though, talking about high tech startups and
• 0:57
  Speaker 2: community renewable energy. So you wonder how many small you know,
• 1:00
  Speaker 2: really small businesses that would be a focus for them.
• 1:03
  Speaker 2: If you're talking about a headdresser or you're talking about mum, dad, plumber,
• 1:07
  Speaker 2: so cafe, that they're not really focused on those areas.
• 1:10
  Speaker 2: So does that actually already point to a larger sized
• 1:13
  Speaker 2: business not a small business.
• 1:14
  Speaker 1: We have a three hundred to four hundred million dollar
• 1:17
  Speaker 1: Elevate Fund already which is run by the Guardians of
• 1:21
  Speaker 1: Indeed super I was reading about it last night. Is
• 1:23
  Speaker 1: that not exactly what we're talking about.
• 1:26
  Speaker 2: It's very similar and there are other things around there.
• 1:28
  Speaker 2: There's research and development funds that they can also access,
• 1:32
  Speaker 2: so there's other things. But small businesses are very underserved
• 1:37
  Speaker 2: and the mu Zealand community and the financial community, so
• 1:41
  Speaker 2: that's why prosper pub businesses like us are here to
• 1:43
  Speaker 2: help those businesses. So major banks are they really do
• 1:47
  Speaker 2: struggle to lend people without a security so without a house,
• 1:51
  Speaker 2: and that's really to get into their businesses and to
• 1:53
  Speaker 2: help them grow. So hopefully this fund actually does give
• 1:56
  Speaker 2: some investment, so so different investment that can help these
• 1:58
  Speaker 2: businesses to grow and real you know, helped spark up
• 2:01
  Speaker 2: new Zealand. As we were talking about those growth numbers before.
• 2:04
  Speaker 1: Adrian, when we're talking about you know, the borrowing and
• 2:09
  Speaker 1: then the success rate of a company, how many of
• 2:12
  Speaker 1: them flop? Realistically, I think.
• 2:14
  Speaker 2: It's very high percentage of businesses that flop terrible words,
• 2:19
  Speaker 2: maybe not survived and their person you know, in their
• 2:22
  Speaker 2: initial years. But we I mean pus ory a line.
• 2:25
  Speaker 2: So we that's what we do. We lend small businesses.
• 2:27
  Speaker 2: So we are the Kent Canary in the mind. We
• 2:29
  Speaker 2: can see what's happening in the economy and our portfolio,
• 2:31
  Speaker 2: our customers are performing very well. So a lot of
• 2:34
  Speaker 2: our use of funds we talk about it, so a
• 2:36
  Speaker 2: lot of our use of funds is for growth, is
• 2:38
  Speaker 2: for darting, is for marketing, is for extra stock. So
• 2:42
  Speaker 2: that's people that are that are getting ready for this
• 2:44
  Speaker 2: specic area that we're about to come into. So our
• 2:46
  Speaker 2: portfolio is performing very well and our customers are so
• 2:49
  Speaker 2: that's actually really good to see.
• 2:50
  Speaker 1: Adrian. Appreciate your time this morning. Adrian Bigbe, Managing director
• 2:53
  Speaker 1: of prosper n Z. For more from Early Edition with
• 2:56
  Speaker 1: Ryan Bridge, listen live to news talks that be from
• 3:00
  Speaker 1: five am weekdays or follow the podcast on iHeartRadio,