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 their car industry.
$50 million dollars has been allocated to provide support for businesses through grants with another $70 million dollars available through low interest 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
Application closing date for grants and loans is 29th September 2017 (17:00 ACST)
What support or funding is available?
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. Therefore the loan or grant is designed to meet only the transitional costs associated with the business expansion.
- Future Jobs Fund loans are a minimum of $100,000 to a maximum of $10 million per proposal.
- Future Jobs Fund grants are a minimum of $100,000 to a maximum of $5 million per proposal. Applicants must however contribute matching funds of at least the amount of the grant sought.
Applicants may apply for both a grant and loan through the Future Jobs Fund.
What are the eligibility criteria?
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.
What are the merit criteria?
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.
Also, the business proposition must be sustainable over the longer term after the initial Future Jobs Fund support, without further government assistance, the project can commence by 30th June 2018, and the organisation has the managerial capability and financial capacity to implement the project.
What to submit?
Applications must include:
- name of applicant;
- contact details for the authorised person who will act as the nominated contact for the application and from whom more information or clarification about the application can be sought, if required;
- a recent, full financial statement including a Profit and Loss Statement and a Statement of Position, which identifies both assets and liabilities. Professionally prepared by an independent accountant;
- a business case for the proposed project, including:
- details of the nature, location, type, scale of project/program;
- 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, and supporting documentation (including, where available, quotes from suitably qualified contractor/s or design consultants);
- key assumptions underpinning cash flow projections; and
- details of project/program financing, including information regarding the availability of borrowings or internal financing for the project, as well as other sources of financing (including other government grants or private contributions).
- details of all State and Commonwealth grants received in the past 2 years and any pending applications for grants;
- a project delivery timetable, including provision for necessary approvals (if applicable). Timeline to demonstrate that project construction will commence by 30 June 2018;
- estimates of direct additional employment generated over the construction period (where relevant), and estimates of the type, number and location of ongoing direct jobs created;
- any additional ongoing indirect employment supported by the project;
- an undertaking to use Australian certified steel products;
- any other supporting project preparation documentation (e.g. cost-benefit analysis, project scoping, options studies, design and other relevant work) demonstrating compliance with the eligibility criteria;
For Future Jobs Fund loans:
- evidence that the applicant cannot source the full amount of commercial finance necessary;
- the preferred loan term; and
- dentify the proposed security for the loan, for example mortgage, fixed and/or floating charge, Directors guarantees.
For more information on the Future Jobs Fund grants and loans, please download the Future Jobs Fund Guidelines.
How do I apply?
If you need help to complete the online application form, call us on 03 9008 5937.
Want to get the best possible result out of your Application?
Don’t wait till it’s too late.
Working with Treadstone means you get the maximum rebate you are entitled to with minimum risk and effort. We provide expert advice and take care of your application, allowing you to continue to focus on your essential business operations.
Treadstone is an experienced, outcome focused team with a proven track record of success since 2008; recently securing three $1m+ grants for our clients.
To ensure you have the best chance of getting grant funding contact us or call 03 9008 5937.