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New “Ready to Grow” loans available to Monaro businesses
Friday, 8th September 2017
Member for Monaro John Barilaro today announced the NSW Government-backed Jobs for NSW will target small and medium sized businesses in the Monaro with new interest-free loans to help regional businesses grow and create jobs.
Mr Barilaro 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 with the aim to drive growth and job creation.
“This is great news for businesses in the Monaro and for our local economy as a whole,” Mr Barilaro 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,” he said.
Mr Barilaro said the new loans are the latest offering in a range of financial services provided by the Jobs for NSW $190 million fund.
“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,” Mr Barilaro said.
“This is a case of the NSW government providing funding to regional businesses where traditional lenders are unable to assist.
“Over the past six years, fast-growth SMEs that make up just 6 per cent of NSW firms have created over 1 million new jobs.
“Through these loans, Jobs for NSW can help start-ups and fast growing SMEs at different stages of their growth lifecycle,” he 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.