From farms to forests to fisheries, New Zealand’s primary industries power our economy – when they thrive, the whole nation benefits.
Our reputation has been built on a legacy of innovation. But innovation is never about looking back – it’s about what comes next. To stay competitive on the world stage, we need to keep backing the next wave of ideas that will drive our industries forward.
And there’s no shortage of ideas. Our primary industries are brimming with innovation – but turning those ideas into real impact requires funding.
That’s where the Primary Sector Growth Fund (PSGF) comes in – MPI’s flagship grant funding programme, with $246 million allocated over four years to back projects that deliver economic value across the primary industries and throughout New Zealand.
In this article, we’ll guide you through the PSGF – from the types of projects that are eligible, to key considerations before applying, the timelines involved, and how Swell can help turn a promising concept into a successful, fundable project.
What is the Primary Sector Growth Fund (PSGF)?
The Primary Sector Growth Fund (PSGF) was launched in May 2025 as the successor to the Sustainable Food and Fibre Futures (SFFF) fund. While SFFF supported a broad mix of projects, PSGF sharpened the focus – making economic outcomes the primary driver of funding decisions.
At its core, the PSGF is a public–private co-investment fund. This means MPI partners with applicants to share the cost of projects that can deliver real, measurable value to New Zealand. Typically, MPI will contribute up to 40% of total project costs, with the applicant bringing the remaining 60%. For example, on a $5 million project, MPI would contribute $2 million while the applicant would need to fund $3 million.
That 40% injection can be a game-changer – enabling projects to move faster, reach further, and achieve more than would be possible with private funding alone. It gives applicants the confidence to think bigger, scale their innovations, and bring impact to market sooner.
Since the PSGF is backed by public money, there is a rigorous assessment process to determine which projects are funded. This ensures funding goes to projects with the potential to deliver the best and most enduring outcomes for our primary industries and for New Zealand.
What Type of Projects is the PSGF Looking to Support?
The PSGF is focused on backing projects that can deliver tangible, lasting benefits to New Zealand’s primary industries and wider economy. Successful applications typically align with outcomes such as:
- Boosting productivity and efficiency – projects that help producers lower costs, improve yields, or use resources more effectively across the food and fibre value chain.
- Driving export growth – initiatives that open up new international markets or significantly expand New Zealand’s export potential.
- Creating higher-value products – moving beyond commodities by developing new ways to process, refine, or transform raw materials.
- Scaling proven innovation – commercialising ideas and technologies so they achieve industry-wide adoption and impact.
- Delivering sector-wide benefits – ensuring results extend beyond a single company to strengthen the wider industry.
Examples of Potential PSGF Projects
Agritech: Smarter Farming Through Precision Tools
An agritech initiative that helps farmers optimise inputs – for example, precision technology that reduces fertiliser use while maintaining or increasing yields – could lift productivity across the entire value chain.
Wool: Unlocking New High-Value Uses for Strong Wool
Strong wool has long faced challenges as a commodity, but projects that develop new, higher-value applications – such as engineered insulation or advanced performance textiles – can unlock fresh demand.
Forestry: Extracting More Value from By-Products
Instead of focusing on raw log exports, a project that commercialises processes to extract high-value bio-chemicals from forestry by-products would showcase how PSGF can support higher-value outcomes and open up new markets.
Considerations Before Applying
While the PSGF offers significant opportunities, applicants need to be prepared. Securing funding requires careful planning, clear evidence, and a well-structured proposal. Here are some of the key factors to keep in mind:
- Minimum project size – projects must cost at least $625,000 in total, with MPI contributing a minimum of $250,000 and the applicant covering the balance.
- No maximum project size – PSGF does not set an upper funding limit. The level of MPI’s contribution depends on the share you bring. For example, if you commit $1.5m, MPI may contribute $1m (40% of the total project). If you increase your share to $2m, MPI’s contribution would rise to $1.3m.
- Eligible vs. ineligible costs – PSGF funding is for operational expenditure (Opex). Capital expenditure (CapEx), brand-specific marketing, and IP registration fees are generally ineligible, although pilot-scale facilities and pre-lodgement IP work may be considered.
- Commercial orientation – projects need to be beyond the early-stage or exploratory phase. PSGF is about supporting commercially focused, market-ready innovation that can be scaled and adopted, not blue-sky research.
- Evidence of economic benefit – applications must clearly demonstrate how the project will deliver measurable benefits to New Zealand’s food and fibre value chains, whether through productivity gains, cost reductions, or export growth.
- Additionality – applicants must show that Crown support will enable outcomes that would not happen with private investment alone, such as achieving greater scale, higher quality, or faster time-to-market.
- Pathway to adoption – successful applications need a clear plan for how the project’s outputs will be taken up by end-users or industry, ensuring that benefits extend beyond the project itself.
- Sustainability beyond funding – PSGF expects projects to have a life after the funding ends. Applicants need to show they can roll out and commercialise the outcomes, not just develop them. For example, MPI won’t fund the creation of a smart tool that then sits unused because there’s no budget to manufacture it.
- Accountability and reporting – PSGF funding is not “free money.” To ensure that public funds are delivering the intended outcomes funded projects are subject to strict oversight, with regular milestone reporting and progress reports. Larger partnership projects may also require governance groups, audits, and mid-project reviews.
Timeline for PSGF Projects
Grant applications are not quick processes. From starting an application through to final approval, the PSGF journey often takes at least six months – and in some cases up to a year. A substantial part of this timeframe is the work required to develop the Expression of Interest (EOI) and full application. These stages demand time, detail, and careful alignment with PSGF criteria.
Applicants need to factor this into their business planning and strategy, ensuring funding timeframes align with project goals.
Here’s a timeline of the key stages in the process:
- Expression of Interest (EOI) – a short submission outlining the problem, the proposed solution, and the expected economic benefits.
- Full Application – if your EOI is successful, you’ll be invited to develop a detailed proposal with budgets, modelling, and a clear project plan.
- Assessment and Decision – MPI reviews the application against PSGF criteria, often with input from internal experts, before making a funding decision.
- Contracting – successful applicants enter into a formal agreement with MPI, confirming milestones, deliverables, and reporting obligations.
- Project Delivery – the project is implemented, with funding released in stages as agreed milestones are met.
- Final Report – at the project’s conclusion, applicants must provide a comprehensive report demonstrating outcomes, learnings, and benefits delivered.
- Partnerships (MPI funding over $5m) - have additional reporting requirements including an audit and mid-term report.
The PSGF process is detailed and can take time – but with the right guidance, applicants can avoid common pitfalls and significantly improve their chances of success. This is where Swell comes in.
How Swell Helps You Access the PSGF
Grant applications such as the PSGF can be complex, time-consuming, and resource intensive. For many businesses, the challenge isn’t coming up with great ideas – it’s knowing how to frame them in a way that resonates with MPI and stands up to a rigorous assessment process.
That’s where Swell comes in.
We specialise in what we call grant architecting – taking your ideas and shaping them into well-structured, fundable projects that fit with what MPI is looking for. Our team has spent years in the funding space, and we know what a strong application looks like. We’re here to make sure your proposal not only meets the requirements, but presents a compelling case for investment.
Just as importantly, it’s not only about writing an application that PSGF will approve – we focus on building grant-fundable projects that align with your strategic direction and that you can confidently deliver in the years that follow.
Here’s how we support you through the PSGF process:
- Project architecture – we work with you to turn your concept into a clearly defined project. Sometimes businesses approach us with a single idea, or multiple ideas; our job is to expand it, identify additional workstreams that add strength, and align it tightly with PSGF objectives.
- Strategic alignment – we review your business strategy and future plans to ensure the project is something your company genuinely needs and can confidently deliver. If it doesn’t create real value, we’ll tell you.
- End-to-end support – from shaping your project around PSGF priorities to preparing a strong Expression of Interest, to full proposal, and supporting documentation, we work with you at every step. We take much of the workload off your shoulders so you can stay focused on running your business. And our role doesn’t stop once the application is submitted – we continue to support you through MPI’s review process and into contracting, delivery, and reporting.
- Deep knowledge of the funding landscape – our team has experience on both sides of the table, having successfully applied for grants and assessed them. This dual perspective gives us a clear understanding of what MPI looks for – and how to avoid the common pitfalls that trip up many applicants.
- Confidence in compliance and delivery – PSGF funding isn’t “free money.” It comes with strict accountability and reporting requirements. We help you put forward a clear plan, strong governance, and credible financials – giving MPI confidence that your project will deliver on its promises.
With Swell as your partner, you can take on a PSGF grant with confidence – knowing your project is well-positioned, your time is being used where it matters most, and you’ve got a team of funding specialists working alongside you to turn your vision into reality.
Is the PSGF Right for Your Project?
The Primary Sector Growth Fund represents a major opportunity for New Zealand’s primary industries – but securing it requires the right approach. If you’re exploring PSGF funding, now is the time to start planning.
At Swell, we help ambitious businesses turn ideas into fundable projects and navigate the entire application process with confidence. Whether you’re unsure if your project is the right fit, or you’re ready to start shaping an application, our team is here to help.
👉 Let's talk about your project and explore if PSGF funding is the right fit.