Applications now open for the Local Jobs Fund
The message that the Territory is open for business is further cemented with applications for the multi-million dollar Local Jobs Fund now open.
The $89 million co-investment fund is aimed at creating more local jobs and accelerating major and significant projects in the Territory. The fund will run for two years or until it is fully committed.
Territory businesses will be able to get projects investment ready, undertake detailed feasibility studies, leverage private sector finance and investment and reach financial close.
The fund will target transformative economic projects to help potential high-growth Territory businesses to increase export of goods and services interstate and internationally.
Businesses and projects in the Territory’s 10 growth and developing sectors, a related supply or service sector or other sector in which the Territory has a comparative advantage will be eligible to apply.
Territory growth sectors are: agribusiness, tourism, energy and minerals, international education and training, defence and defence support industries.
Territory developing sectors are: tropical health and research, creative industries, renewable energy, environmental services, human services
Businesses will also have to demonstrate that government financial assistance:
- is necessary for the project to proceed
- will be at least matched by new private sector funding
- will result in new or increased goods and services exported interstate or overseas.
The Local Jobs Fund suite of programs include:
- Loan Guarantees ($100,000 to $5 million each) - to support fast-growing Territory businesses to expand and create new Territory jobs. The guarantee will be issued in favour of lending institutions and provide funds for appropriate investments, including for the expansion of production capacity or export capability development.
- Business Investment Concessional Loans ($100,000 to $3 million each) - to de-risk project opportunities, bring forward private investment and deliver projects to final investment.
- Equity Co-Investments ($100,000 to $5 million each) - to provide equity capital to high potential and innovative Territory ventures to secure funding and accelerate business development and growth into national and global markets.
- Priority Sector Collaborative Grants ($100,000 to $1 million) - provide funding for consortia within Territory priority growth and developing sectors to collaboratively progress sector-wide initiatives which will advance local industry capability, innovation and business development.
- Infrastructure Grants ($1 million to $10 million each) - for economically transformational projects which clearly demonstrate that new and enduring Territory jobs will be delivered and that broader benefits to the Territory which result in a step-increase in economic activity and output. Infrastructure grants will be selected through a separate open competitive process.
The Territory Government will establish an Investment Committee comprised of representatives from the private sector with strong experience in investment banking, finance, legal and commercial sectors. Discussions are underway with eminently qualified candidates, with the Investment Committee to be appointed shortly.
The Investment Committee will provide advice to the Territory, including ministers, in the assessment of applications and on investment recommendations.
The Local Jobs Fund was established with the wind up of the NT Infrastructure Development Fund.
For more information and to apply go to the Local Jobs Fund website.