New loan program driving regional economic development
Local businesses looking to deliver small-scale projects across the Territory can now access support under a new loan program delivered by the Australian Government’s Northern Australia Infrastructure Facility (NAIF) and the Northern Territory Government.
The Territory Infrastructure Loans program aims to expand infrastructure and improve economic outcomes, including for Indigenous Territorians. It also designed to support job creation and boost economic engagement in our regions.
NAIF will contribute up to $50 million to the program and the Northern Territory Government, through its Local Jobs Fund will contribute up to $16.6 million over two years.
The program offers concessional loans for the development and expansion of infrastructure-lead projects, and loans up to $10 million are available to support the development of economic, infrastructure, employment and regional growth.
To be eligible to apply for a Territory Infrastructure Loan, businesses must develop a satisfactory Indigenous Engagement Strategy (IES) which ensures ongoing, effective and appropriate engagement with Indigenous groups and organisations.
Businesses must be able to demonstrate how they will create employment and drive economic growth. An approved Territory Benefit Plan that describes public benefit is also an eligibility criterion under the program.
The Territory Infrastructure Loans program is open to applications for 24 months, or until a total allocation of $66.7 million is utilised.
For further information visit: jobsfund.nt.gov.au
