Apply for Funding – Jobs for NSW

Apply for Funding – Jobs for NSW

We know how busy small business owners are.  Researching funding alternatives can be quite consuming.  So, we have reviewed the information and made it an easy review for you.

NSW Government-backed initiative in conjunction with Jobs for NSW has put together several alternatives and initiatives.

Launched in August 2015, Jobs for NSW is led by a board that includes some of the best business and entrepreneurial brains in Australia.

The board oversees the Jobs for NSW fund which was created to meet the NSW Government's commitment to provide $190 million over four years to attract and grow businesses.

Jobs for NSW represents an innovative new approach to tap the insights and knowledge of leading private sector minds to help drive government policy to grow the economy and create jobs.

Accelerating Growth Loans:

  • Aim: The Accelerating Growth Loans (AGL) pilot aims to drive jobs and business growth by providing emerging scalable fast-growth businesses with capital to address barriers in accessing affordable finance from commercial sources. The AGL pilot aims to test the market for these loans and evaluate the effectiveness of a loans program in accelerating the growth of jobs and businesses in NSW.
  • Loan Amount: $100,000 to $300,000 per project
  • Loan Term: Six to 36 months
  • Success Story: Through a $300,000 loan under the Accelerating Growth Loans program, Endeavour established a microbrewery in The Rocks, executed their export model, all the while creating future-focused jobs. Read more about their success story here:

           

  • Eligibility: To be eligible for AGL, your organization must:

           - Be a company incorporated under the Corporations Act 2001 (Cth) which is registered for GST

           - Or be an individual, partnership or unincorporated trustee who agrees to form a company incorporated under the Corporations Act 2001 (Cth)

           - Employ a minimum of five people (including full time, part time and casual).

           - Have an annual turnover between $500,000 and $3,000,000 in the most recent financial

  • How to Apply:

           - Complete the online application form through the Jobs for NSW online portal before the closing date

           - Provide all the information that is needed to assess your application

           - Address all eligibility and merit criteria requirements

           - Ensure all attachments are uploaded including the financial spreadsheet with historical and financial details and any other supporting documentation (e.g. business plan)

 

Gazelle Loan Guarantees:

  • Aim: Fast-growth businesses, collectively known as ‘Gazelles’, have been identified as the new job growth creators in NSW over the last three years. Jobs for NSW is committed to capturing the growth potential of these expanding small to medium enterprises (SMEs) and creating an ecosystem of entrepreneurship where Gazelles can thrive and continue to create jobs for the industries of the future.
  • How can your business benefit from the Gazelle Loan Guarantee: Gazelle Loan Guarantee program enables access to funding, that otherwise wouldn’t be provided by banks without a partial loan guarantee.  A loan guarantee by the NSW government (AAA rated) can both influence lending decisions by banks and could result in a lower interest rate for the borrower.
  • Support: Loan guarantee of 50% (up to $5 million)
  • Success story: Gundagai Meat Processors secured a Gazelle Loan Guarantee of up to $4 million, which assisted in securing a loan to cover $30.5 million to set up the business for future expansion. Read more about their success story here:

           

  • Eligibility: To be eligible for a Gazelle Loan Guarantee, your SME should have the following characteristics:

            - Revenue between $3 million and $150 million

            - Growth of 20% year on year of jobs and/or revenue for previous three years

            - 10+ employees

            - A Business Plan outlining the growth strategy for job creation in NSW

            - Inability to access the required funds for growth directly via a financial institution

  • How to Apply: The initial proposal should provide the following information:

           - Outline the scope, timing and cost of the activity

           - Describe the job creation prospects and any other benefits to NSW

           - Outline the assistance sought from Jobs for NSW and how this will impact the activity

           - Outline the financial and market position of the company

 

There is also a funding method available for Australian businesses creating jobs in regional NSW:

Regional Solutions:

  • Aim: Help businesses undertaking a project that will create a minimum of the equivalent of 10 full time jobs in regional NSW within two years of project commencement.Thirty per cent of the Jobs for NSW Fund is allocated to regional and rural businesses operating outside the major cities of Sydney, Newcastle and Wollongong, and will be invested in those start-ups and fast-growth SMEs that will have the greatest impact in regional job creation.
  • Funding: up to 50% of project costs
  • Download factsheet 

 

For further information how you can grow your business visit the official Apply for Funding website.