The Morrison-Joyce Government’s Northern Australia Infrastructure Facility (NAIF) is investing $50 million to grow small and medium businesses and create jobs in the Northern Territory.
The money will give eligible businesses in the NT access to loans of up to $5 million through the Northern Territory’s Local Jobs Fund (NTLJF) boosting local jobs and accelerating infrastructure and business growth.
Minister for Agriculture and Northern Australia David Littleproud said the partnership between NAIF and the NTLJF will broaden the reach of the NAIF and make financing more accessible to eligible businesses.
“This partnership gives the NTLJF additional capital funding for businesses to deliver projects that significantly benefit the Top End in growing sectors like agribusiness, tourism, resources and manufacturing,” Minister Littleproud said.
Senator for the Northern Territory Dr. Sam McMahon said the Government’s support for this project will create opportunities for Northern Territory employers and communities, supporting long-term growth across the Territory.
“The NAIF has invested more than $711 million worth of loans to projects in the Northern Territory, but the NTLJF is the first of its kind targeted at small and medium businesses,” Senator Dr. McMahon said.
Special Envoy for Northern Australia Senator Susan McDonald said the project is the first on-lending project supported by the NAIF and will create lasting opportunities for local employers and communities across the Territory.
“The Government is committed to supporting business development across Northern Australia, including with new ways of collaborating between the Australian Government and State and Territory Government partners,” Senator McDonald said.
Northern Territory Chief Minister Michael Gunner welcomed the announcement.
“The Local Jobs Fund has helped businesses in the Territory go from strength to strength. We’ve seen the team at SPEE3D round out another impressive year, and the same goes for Universal Site Monitoring.
“Further investment into the Local Jobs Fund will give more businesses with unique ideas a leg up to turn them into realities. It’s paving the way for new businesses to emerge and expand, as well as creating new opportunities for investment.”
Acting NAIF CEO Amanda Copping said: “This is the first on-lending project that the NAIF has supported to further business growth in Northern Australia, with additional on-lending projects expected soon”.
