Accelerating Growth Loans (AGL) is a NSW pilot program providing direct loans for emerging fast growth small to medium enterprises (SMEs) – otherwise known as Gazelles – with capital to address the barriers they face in accessing affordable finance.
The Accelerating Growth Loans pilot aims to test the market demand for this loans program and its effectiveness in accelerating and expanding businesses and creating jobs in NSW.
Who is eligible?
Fast-growth high-potential small to medium businesses are eligible to apply for the Accelerating Growth Loans pilot if they:
- are a company incorporated under the Corporations Act 2001 (Cth) and registered for GST
- are an individual, partnership or unincorporated trustee who agrees to form a company incorporated under the Corporations Act 2001 (Cth)
- employ a minimum of five (5) people (including full time, part time and casual)
- have an annual turnover of between $500,000 and $3 million in the most recent financial year
- have experienced turnover growth or employee growth at an average minimum of 20% each year for past three years
- have been unable to secure affordable finance from a commercial lender
What can the loan be used for?
Under the AGL pilot, at least 50% of the loan must be used to hire additional staff in their NSW business. The remainder of loan can be used for other expenses to accelerate business growth.
How to apply?
Expressions of Interest for the AGL pilot are open from 19 September – 2 November 2016, 2pm.
To apply complete the online application form.
For more information, email firstname.lastname@example.org or phone 1300 JOB NSW (1300 562 679).