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What is the Regional Job Creation Fund?
The Regional Job Creation Fund is a program that provides opportunity for existing businesses to diversify into new markets and innovate in regional NSW.
Background
The Regional Job Creation Fund is a program implemented by the government of the state of New South Wales (NSW), Australia, aimed at stimulating job creation and economic growth in regional NSW.
The fund provides financial support to businesses and organizations that are planning to invest in regional areas and create new jobs. This includes grants for the construction of new facilities, the purchase of new equipment, and other types of capital investments that can contribute to job creation and economic development.
The Regional Job Creation Fund is part of a broader effort by the NSW government to promote economic growth and job creation in regional areas of the state, and is one of several programs and initiatives aimed at supporting regional businesses and communities.
Objective
The main objective of the Regional Job Creation Fund is to support economic growth and job creation in regional areas of the state of New South Wales (NSW), Australia. The fund aims to achieve this objective by providing financial support to businesses and organizations that are willing to invest in regional areas and create new jobs.
The specific goals of the fund include:
- Supporting businesses and organizations to create new jobs in regional NSW
- Encouraging new investment in regional areas, which can help to boost economic growth
- Providing financial support for businesses and organizations to invest in new facilities and equipment, which can help to improve productivity and competitiveness
- Supporting the development of new industries and business sectors in regional areas
- Enhancing the overall economic development of regional NSW, which can help to attract further investment and job opportunities.
Overall, the Regional Job Creation Fund is aimed at promoting economic development and creating new job opportunities in regional areas of NSW, in order to support the growth and prosperity of these communities.
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Funding
Under Round 3, grants will range from $100,000 to $10,000,000 to help businesses create and retain jobs, including for young people and Aboriginal and/or Torres Strait Islander individuals and people with disability, to support ongoing economic prosperity in regional NSW.
Eligible Projects
The Regional Job Creation Fund is a program in New South Wales, Australia that provides funding to support eligible projects that create sustainable jobs in regional areas. Eligible projects are those that meet the following criteria:
Job Creation: Projects that create new, sustainable jobs or significantly expand existing businesses to create additional jobs in regional areas.
Regional Benefit: Projects that demonstrate a strong economic benefit to the region, such as increased regional economic activity, improved productivity or supply chain efficiencies, or increased regional tourism.
Financial viability: Projects that are financially viable and demonstrate that they can generate a return on investment that will help sustain the jobs created.
Community support: Projects that have strong community support and demonstrate that they will have a positive impact on the local community.
Examples of eligible projects include:
Agriculture and Agribusiness: Investment in new or expanded agricultural businesses, processing or value-added production, or new infrastructure to support the agricultural sector.
Manufacturing: Investment in new or expanded manufacturing businesses or new infrastructure to support the manufacturing sector.
Mining and Resources: Investment in new or expanded mining or resource projects, or new infrastructure to support the mining and resource sector.
Tourism and Hospitality: Investment in new or expanded tourism or hospitality businesses, or new infrastructure to support the tourism and hospitality sector.
Health and Aged Care: Investment in new or expanded health and aged care services or facilities in regional areas.Infrastructure:
Investment in new or expanded infrastructure projects, such as roads, bridges, and utilities, that will support economic growth and job creation in regional areas.
Eligible Applicants
To be eligible for funding from the Regional Job Creation Fund, businesses and organizations must meet certain criteria, including:
- The project must be located in regional NSW
- The project must have the potential to create new jobs and drive economic growth in the region
- The applicant must be a legal entity, such as a company or non-profit organization
- The applicant must be able to provide evidence of their ability to fund the remaining project costs.
Applicants must:
- have an Australian Business Number (ABN)
- be one of the following:
- a company incorporated in Australia
- a company incorporated by guarantee
- an incorporated trustee on behalf of a trust
- an incorporated association or co-operative
- a partnership
- a sole trader
- an Aboriginal and/or Torres Strait Islander Corporation registered under the Corporations (Aboriginal and /or Torres Strait Islander) Act 2006.
- be registered for GST
- be financially viable and able to demonstrate that they are likely to remain so over the duration of the project
- have at least $20 million public liability insurance or be able to secure before entering into a Funding Deed if successful.
Applicants can be based internationally, interstate or in metropolitan or regional NSW. International businesses will need to have an ABN, to be registered for GST, have at least $20 million in public liability insurance and be an eligible entity (as listed above), to enter into a Funding Deed if they are successful.
Need Assistance?
Call 1300 658 508
Timing
Applications close 6 March 2023.
