Themessage that the Territory is open for business will be further cemented withapplications for the multi-million dollar Local Jobs Fund opening today.
TheTerritory Labor Governments $89 million co-investment fundis aimed at creating more local jobs and accelerating major and significantprojects in the Territory.
Territorybusinesses will be able to get projects investment ready, undertake detailedfeasibility studies, leverage private sector finance and investment and reachfinancial close.
The fund will target transformative economicprojects to help potential high-growth Territory businesses to increase exportof goods and services interstate and internationally.
Businessesand projects in the Territorys 10 growth and developing sectors*, a related supplyor service sector or other sector in which the Territory has a comparativeadvantage will be eligible to apply.
Businesseswill also have to demonstrate that Governmentfinancial assistance:
is necessary for the projectto proceed
will be at least matched bynew private sector funding
will result in new orincreased goods and services exported interstate or overseas
The Local Jobs Fundsuite of programs include:
Loan Guarantees($100,000 to $5 million each) to support fast-growingTerritory businesses to expand and create new Territory jobs. The guaranteewill be issued in favour of lending institutions and provide funds forappropriate investments, including for the expansion of production capacity orexport capability development
Business Investment Concessional Loans ($100,000 to $3 million each) to de-risk projectopportunities, bring forward private investment and deliver projects to finalinvestment.
Equity Co-Investments ($100,000 to $5 millioneach) - to provide equity capital to high potential and innovative Territoryventures to secure funding and accelerate business development and growth intonational and global markets
Grants:
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 ($1million 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 comprisedof representatives from the private sector with strong experience in investmentbanking, finance, legal and commercial sectors. Discussions are underway witheminently qualified candidates, with the Investment Committee to be appointedshortly.
The Investment Committee will provide advice to the Territory, includingMinisters, in the assessment of applications and on investment recommendations.
The Local Jobs Fund was established with the wind up of the NTInfrastructure Development Fund (NTIDF). It will operate for two years or until fully committed.
