NSW GOVERNMENT BACKING SMALL BUSINESSES WITH NEW LOANS
11 September 2017
Deputy Premier and Minister for Small Business and Skills John Barilaro today announced the NSW Government-backed Jobs for NSW will target small and medium sized businesses across NSW with a suite of new loan products to help those businesses grow and create jobs.
Mr Barilaro said the loans will address the barriers that NSW businesses face in getting access to finance.
“This is a case of the NSW Government providing funding where traditional lenders are unable to assist because the businesses in question don’t have a sufficient trading history or inadequate security for a loan,” Mr Barilaro said.
All loans will be conditional on projects meeting agreed job creation targets within certain timeframes depending on the size of the loan.
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.
Over the past six years, high-growth SMEs that make up just 6 per cent of NSW firms have created over 1 million new jobs.