The Australian Government's Northern Australia Infrastructure Facility (NAIF) and the Northern Territory Government are investing up to $66.7 million into a new loan program for businesses looking to deliver small-scale projects across the NT.
The aim of the loan program will be to expand infrastructure and improve economic outcomes, including for Indigenous Territorians.
NAIF will contribute up to $50 million to the Territory Infrastructure Loans and the Northern Territory Government, through its Local Jobs Fund (LJF), will contribute up to $16.6 million over two years.
This loan program supports job creation and projects that boost economic activity in our regions.
The program offers concessional loans for the development and expansion of infrastructure-led projects, and loans up to $10 million are available to support the development of economic infrastructure, employment and regional growth.
Minister for Northern Australia Madeleine King said the funds will drive economic activity in the NT.
"The Territory Infrastructure Loans program is all about investing in our regions, and boosting the Northern Territory's workforce.
"With the support for the program from NAIF, we look forward to working with Territory businesses on projects which will continue to build up our regions and strengthen Northern Australia's economy."
To be eligible to apply for a Territory Infrastructure Loan, businesses must develop a satisfactory Indigenous Engagement Strategy (IES) which ensures ongoing, effective and appropriate engagement with Indigenous groups and organisations.
They must be able to demonstrate how they will create employment and drive economic growth.
An approved Territory Benefit Plan that describes public benefit is also an eligibility criterion under the program.
Northern Territory Chief Minister Natasha Fyles said the program will enhance industry, and grow capability and capacity in the Territory's workforce.
"Our Local Jobs Fund is paving the way for businesses to grow and expand, as well as creating new employment opportunities for Territorians.
"It's driving millions of dollars in private investment, which is why we continue to invest in this program, because we know the economic benefits it brings for the Territory." The Local Jobs Fund is a $189 million co-investment fund to help create more local jobs and bring major projects to life.
The fund has already had significant impact, including for key projects such as building upgraded versions of the Albatross amphibious aircraft in Darwin.
Northern Territory Minister for Northern Australia Nicole Manison said the program will see benefits across the Northern Territory.
"Programs like this make the Territory a better place to live, by investing in our businesses, creating jobs for all Territorians and improving infrastructure."
The Territory Infrastructure Loans program is open to applications for 24 months, or until a total allocation of $66.7 million is utilised.
The NAIF is an Australian Government entity established to facilitate economic and population growth in northern Australia through financing infrastructure projects and businesses and helping to catalyse private sector investment.
NAIF's record to date includes partnering with projects in a broad range of industry sectors in the northern Australian economy, including resources, energy, transport, agriculture and aquaculture, education, healthcare, tourism and social infrastructure.
NAIF's role is to be an impact investor in northern Australia by:
• Facilitating the growth of northern Australia
• Accelerating projects
• Delivering public benefit
• Catalysing and crowding in private sector investment
• Ensuring strong indigenous opportunities and outcomes.
