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Local Jobs Fund Generates Millions in Private Investment

Office of the Chief Minister

The Territory Labor Government’s Local Jobs Fund is continuing to create jobs and drive private investment and innovation in the Territory.

The Government has approved $19.9 million in funding to 13 successful business applicants so far, with an additional $9.5 million to flow.

This has triggered over $22 million dollars in private investment since the fund’s creation in 2019 which has led to the creation of 103 jobs.

As part of the 2021 Budget, the Gunner Government will inject a record $120 million into the fund, to help boost innovative business projects and attract more private capital.  

The fund is expected to grow the Territory economy by $146 million over the next five years.

The fund was introduced in 2019 to drive economic transformation and give high-growth potential Territory businesses a leg up to increase exports and services interstate and internationally with long-term productivity.

The fund offers businesses three opportunities to grow their enterprise through business investment concessional loans, equity co-investment and a priority sector collaborative grants program.

 

Quotes from Chief Minister, Michael Gunner:

“The Local Jobs Fund is giving Territorians with unique ideas a leg up and turning them into realities. 

“It’s paving the way for new businesses to emerge and expand, as well as creating new job opportunities for Territorians.

“This is driving millions of dollars in private investment, which shows a strong sign of confidence in the Territory as the nation’s comeback capital.

“Investing more into this fund was a no brainer for this Government.”