NSW Government encourage economic growth in regional NSW - Power FM Bega Bay (2024)

Small and medium businesses on the Far South Coast will be eligible for new low interest loans from today (Friday May 17).

As part of the State Government’s $35 million dollar investment in regional development, local businesses will be able to apply for loans of between $100,0000 and 1,000,000 dollars with a 2.5 per cent fixed interest rate for the life of the loan, to allow them to invest in new technologies and equipment that increases efficiency and productivity.

It forms a $5 million investment to encourage economic growth and employment in regional NSW which is part of a wider $35 million regional development package from the $350 million Regional Development Trust announced today.

NSW Premier, Chris Minns, said the funds have a focus on job creation and primary industry expansion.

“I have been lucky to visit country towns across all of the state, from Bega to Broken Hill, and hear firsthand from communities about issues facing regional NSW,” Mr Minns said.

“I am committed to working with local communities on solutions and projects that work for them, and that is what the Regional Development Trust is designed to deliver.

“These four projects are the products of listening to regional communities and the agriculture sector on where funding is most needed, and where it will work the best.”

Business NSW Executive Director, David Harding said the regions are a rising powerhouse of innovation and growth in NSW.

“Business NSW is honoured to be the leading voice for our regional business communities, and to contribute to smart and effective regional development, in partnership with the NSW Government.

“We welcome the Regional Development Trust investments announced today, which will catalyse further small enterprise growth and productivity, together with better connection and workforce participation across the NSW Regions.”

Minister for Regional New South Wales, Tara Moriarty said the NSW Government is committed to considered investments that are delivered transparently and through collaboration with local communities.

“Development funding for regional communities should not be dependent on who they voted for, but on where the need is greatest.”

The $35 million package includes:

$15 million to improve rural and remote airstrips

Effective remote and Western NSW airstrips that are accessible all year round will increase economic development opportunities, plus the delivery of health care and emergency services to reach communities that would otherwise be required to travel long distances to access similar services.
The New South Wales Government has commenced an audit of remote and rural airstrips across 20 local government areas in Western NSW and will develop a rollout schedule based on priority and need, that will be completed by September this year.
Following this, the NSW Government will commence the upgrades of airstrip and aerodrome related infrastructure and equipment improvements.
This investment will improve rural and remote communities’ access to critical services, businesses, essential workers and supplies particularly in the event of an emergency or natural disaster.

$10 million Western NSW Workforce Activation Package to establish, expand or upgrade Western NSW childcare
The Western NSW Workforce Activation Package will provide $10 million to establish, expand or upgrade early childhood and education care across three initial local government areas of Bourke, Broken Hill and Cobar.
This initiative is designed to increase the availability of long day care in regional areas.
Co-designed with the early childhood sector, this is an innovative approach to strengthening the workforce in remote communities by addressing one of the barrier’s faced by parents looking to return to work in areas where there is little or no early childcare available.
Successful applicants must demonstrate that funded activities will increase their ability to offer additional childcare places.

$5 million to empower Aboriginal businesses
The Aboriginal Economic Development Package will support Aboriginal businesses and organisations to identify and execute commercial opportunities, leading to improved economic and employment outcomes.
The funding will assist eligible Aboriginal organisations and businesses to deliver projects that enable improved economic and employment outcomes, for example upgrades to community-controlled facilities or the expansion of native food operations.
Aboriginal projects are currently under consideration, with commencement of the pilot program to happen over the coming months.

$5 million to encourage economic growth and employment in regional NSW
$5 million will be invested to provide low interest loans to eligible small and medium businesses to encourage economic growth and employment in regional NSW.
From today food and beverage manufacturing small and medium businesses will be able to apply for loans between $100,0000 and $1,000,000 with a 2.5 per cent fixed interest for the life of the loan, to allow them to invest in new technologies and equipment that increases efficiency and productivity.
NSW is home to more than 30 per cent of the nation’s small and medium enterprises. However the RBA has highlighted that currently small businesses are finding it difficult to access finance from traditional lenders with approval times, underwriting security requirements and interest rates cited as key concerns.

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