NEW “READY TO GROW” LOANS FOR LOCAL BUSINESSES
The NSW Government-backed Jobs for NSW is targeting local small and medium sized businesses with new interest-free loans to help regional businesses grow and create jobs.
Member for Tamworth Kevin Anderson said the new Regional Growth Loan is part of a new range of loans ranging from $200,000 to $1.2 million. These loans are now available to local businesses to invest in their business, driving growth and job creation.
“This is great news for local businesses and for our local economy as a whole,” Mr Anderson said.
“It is great to see regional businesses getting their fair share, with access to interest free loans of between $200,000 and $500,000 for up to four years.”
Jobs for NSW has allocated 30 per cent of the $190 million to our regions, and these loans will help to address the barriers businesses in regional NSW might face in accessing affordable finance.
“This is a case of the NSW government providing funding to regional businesses where traditional lenders are unable to assist,” Mr Anderson said.
The three loan products include:
Regional Growth Loan (RGL) – will target job creation in regional NSW in fast- growth SMEs that can demonstrate revenue over $500,000 and future growth demonstrated via secured contracts, and will take the form of $200,000-$500,000 interest free loans for four years.
Accelerating Growth Loan (AGL) – will target job creation in metropolitan Sydney, Wollongong and Newcastle in fast-growth SMEs that can demonstrate revenue over $500,000 and future growth demonstrated via secured contracts. Loans of $200,000-$500,000 are available at 9.2% interest for up to three years.
Strategic Growth Loan (SGL) – will target job creation in fast-growth SMEs across NSW that can demonstrate revenue over $1 million and future growth demonstrated via secure contracts. Loans will be between $500,000 and up to $1.2 million over four years at 9.2% interest.
For further information on Jobs for NSW support or to apply for a loan, please visit www.jobsfornsw.com.au