Emerging businesses given opportunity to shine
Creating opportunities for emerging businesses in both regional and metropolitan areas is the aim of the Strategic Growth Loan (SGL) offered by Jobs For NSW.
Regional Development Australia (RDA) Orana executive officer Megan Dixon said the SGL has the potential to bridge the divide between country and city.
“With this support, the business landscape in NSW can capture more of the lucrative export market, transform regional communities and promote entrepreneurship
across the board,” she said.
Companies that are experiencing a level of success but would like to extend beyond their existing status are eligible to apply for the loan.
“SGL is targeted at fast growing and emerging businesses that have insufficient funds to expand their business and allow for job creation.”
The Strategic Growth Loan gives direct loans that range from $500, 000 up to $1.2 million per project. This includes a flexible payment period and
the possibility of multiple advances.
To be eligible, the applicant needs to:
- Have been operational for a minimum of one year prior
- Be an Australian incorporated company with an Australian Business Number (ABN)
- Be able to show that their business was unsuccessful in obtaining funds from a commercial source within the past six months
- Have a business strategy on how the loan will be used to expand the business commercially and have evidence of future contracts and pipelines
- Reach a minimum of 20 full time equivalents (FTEs) within three years through the creation of new jobs
- Have a minimum of five full-time, part-time and casual employees
- Be able to demonstrate likely revenue of $1 million in the first month
The SGL caters to both metropolitan and regional areas, promoting the equal opportunities that can be gained across the State. www.jobsfornsw.com.au/funding/emerging-businesses