Tanya Davies MP. Member for Mulgoa.

NEW “READY TO GROW” LOANS FOR MULGOA BUSINESSES

Friday September 8, 2017

Member for Mulgoa, Tanya Davies MP today announced the NSW Government-backed Jobs for NSW will target small and medium sized businesses in Mulgoa with a new interest-free loans to help regional businesses grow and create jobs.

Tanya Davies 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 businesses in Mulgoa to invest in their business, driving growth and job creation.

“This is great news for businesses in Mulgoa and for our local economy as a whole,” Tanya Davies 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,” Tanya Davies said.

Deputy Premier, Minister for Regional NSW and Small Business John 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 loan products include:

  • 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.