From zero to hero in the manufacturing world

With a focus on creating growth in regional areas, a loan offered through Jobs for NSW is providing extra incentives for emerging businesses such as The Glass Lab in Tweed Heads – turning the company into the biggest surfboard manufacturer in Australia. Founder Adam Wessel took advantage of the zero
interest rate on the Regional Growth Loan (RGL) which allowed him to move the business into a world-class facility, increase production and manufacture
high quality surfboards. It also generated 17 new jobs, bringing the company up to 20 employees.

Regional Development Australia (RDA) Orana executive officer Megan Dixon said the RGL is designed to provide funding to new businesses in regional
areas that are fast-evolving and need the extra help from Jobs for NSW to overcome financial barriers.

“Not only has it been beneficial for many businesses, it is also generating growth in regional NSW through the promotion of tourism, creation of jobs
in new and existing industries, regional innovation, access to new markets and encouraging people to live in regional NSW.”

The direct loan can range from a minimum of $200,000 per project to a maximum of $500,000. To be eligible for this loan, a project or applicant must
fit the following guidelines:

  • Have been operational a minimum of one year prior to application
  • Is an Australian incorporated company with an Australian Business Number (ABN)
  • Have the ability to generate new job opportunities in regional NSW
  • Be able to demonstrate that the business was unsuccessful in accessing funds from a traditional lender within the six months before application
  • Has a business strategy on how the loan will be used to expand the business commercially and have evidence of future contracts and pipelines
  • Will reach a minimum of 10 full time equivalents (FTEs) within 2 years through the creation of new jobs
  • Have a minimum of five full time, part time and casual employees

“It is is important for regional businesses to embrace this opportunity created by Jobs for NSW because the financial support enables emerging business
to achieve goals they may not have thought possible.”

“This will in turn have a large impact on business profitability, production and reputation, along with benefiting regional community growth.”

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