Up to $10M is available from the Future Jobs Fund to help businesses expand, drive employment growth and confront challenges to the economy.
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Future Jobs Fund
The Future Jobs Fund was established by the State Government to support the development of globally competitive industries and industrial capabilities within South Australia.
The Government of South Australia has established a Future Jobs Fund to support the development of globally competitive industries and industrial capabilities that will create the jobs of the future following the closure of our car industry.
As part of the 2017-18 State budget the Government has dedicated $200 million to the Future Jobs Fund. The Government has requested the Commonwealth Government co-invest in the Fund and contribute a further $200 million from funds that would otherwise have been committed as subsidies to the automotive industry.
Some of the State Government’s $200 million Future Jobs Fund has been allocated, as part of the 2017-18 Budget:
- $60.0 million additional resources for Investment Attraction South Australia which will further support and secure new inward investment in South Australia through attraction of appropriate projects to the State in key industries. The additional investment of $30 million in grant funding and $30 million in loans will promote job creation, capital investment, construction jobs and increased economic activity.
- $14.5 million over four years for the continuation of the Events Bid Fund and the Convention Bids Fund to secure major events and conventions to further drive visitation and economic development of the state.
- $5.0 million over two years for the automotive diversification initiative, which continues support for the automotive supply chain ahead of the cessation of motor vehicle manufacturing activities in the state.
- $2.0 million in 2017–18 to extend the “I Choose SA” campaign to continue to encourage consumers to actively look for South Australian products and services when purchasing. The campaign enables the public to identify and purchase local products and services that support the South Australian economy.
The remainder of the Future Jobs Fund, comprising $50 million of grants and $70 million of low interest loans, is available to be accessed through an application process supported by these guidelines. This includes funding for applicants to develop a business case in support of their Future Jobs Fund grant or loan application.
Assistance provided through the Future Jobs Fund is not intended to be ongoing. Grants or loans will only be provided to projects which can create new additional jobs in South Australia which can be sustained beyond the original assistance period. Thus the loan or grant is designed to meet only the transitional costs associated with the business expansion.
Applicants may apply for both a grant and/or loan through the Future Jobs Fund. A Governance Committee (see below) will assess applications and make recommendations to the Minister for State Development as to the appropriate method of funding.
Under the Future Jobs Fund scheme:
- A minimum of $100, 000 and up to a maximum of $5 million grants are available per proposal.
- A minimum of $100, 000 and up to a maximum of $10 million loans are available per proposal.
- Grants of up to $50, 000 are available to assist applicants develop a business case in support of applications to the Future Job Fund for grants and or loans.
Future Jobs Fund applications are sought from businesses and other non-government organisations for funding grants and or loans to create ongoing jobs in the following sectors and industrial capabilities:
- Shipbuilding and defence
- Renewable energy and mining
- Tourism, food and wine
- Health and biomedical research
- IT and advanced manufacturing
Businesses and other non-government organisations, including service providers and research and education institutions, are eligible to apply for Future Jobs Fund grants and loans where they can demonstrate that:
- ongoing jobs will be created in South Australia as a result of the Future Jobs Fund grant or loan;
- the organisation is a legal entity with which the South Australian Government can enter into a legally binding funding agreement. The State may require related entities (for example, holding companies) to be a party to the funding agreement as Guarantor of both performance obligations and the repayment amount should a repayment event occur;
- the organisation can be regarded as being located in South Australia. If located outside South Australia, consideration may be given to an application where the Government believes there to be special circumstances and there is a commitment to relocate the relevant enterprise (in whole or part) to South Australia within 12 months;
- the organisation is financially viable, as evidenced through independently prepared financial statements;
- the enterprise does not engage in an industry sector or activity that involves the speculative purchase of land or buildings, or illegal activity;
- the organisation has an Australian Business Number; and
- the organisation is registered for GST.
All applicants for Future Job Fund grants and loans, as well as business support grants, will be required to demonstrate that:
- the business proposition, after the initial Future Jobs Fund support, is sustainable over the longer term without further government assistance;
- the project can commence by 30 June 2018;
- the project will create ongoing jobs in South Australia; and
- the organisation has the managerial capability and financial capacity to implement the project.
Applicants will also be required to:
- commit to using Australian certified steel products where projects require steel as an input;
- where the application is for over $2.5 million in grant funding, comply with the South Australian Industry
- provide information on how the industry may be impacted in South Australia (including potential
- provide information on the justification for the funding request.
Applicants may apply for both a grant and loan through the Future Jobs Fund.
How to get this Future Job Fund grant
All applicants for Future Job Fund grants and loans will be required to demonstrate that:
- the business proposition, after the initial Future Jobs Fund support, is sustainable over the longer term
without further government assistance
- the project can commence by 30 June 2018
- the project will create ongoing jobs in South Australia
- the organisation has the managerial capability and financial capacity to implement the project
Future Jobs Fund grant and loan applications must be supported by a business case, including profit and loss, cash flow, and balance sheet projections for the construction and operation phase for at least three years including any other grants and contributions to the project.
These projections must demonstrate ongoing viability beyond the grant funded phase.
Applications must demonstrate that the proposed project will provide identified ongoing direct employment benefits in South Australia. Preference will be given to projects offering employment opportunities in areas of high unemployment