More than 400 South Australian businesses have applied for grants and loans to help them expand their operations and create jobs under the State Government’s Future Jobs Fund program.
The value of the projects proposed by businesses is almost $10 billion, while the amount of grants and loans sought through the Fund is about $850 million. If all proposed projects were to go ahead almost 23,000 direct jobs would be created.
Wingfield company Axiom Precision Manufacturing has applied for a $625,000 grant to help purchase a new machining centre for defence and aerospace projects.
Axiom supply components for defence, aerospace and medical equipment, having previously focussed 95 per cent of their production on the automotive sector. Axiom are seeking to grow their business now in anticipation of a flood of work expected from future defence projects.
Applications for Future Jobs Fund grants and loans closed at 5pm on Friday 29 September 2017. The $200 million Future Jobs Fund was announced as part of the 2017-18 State Budget to drive employment in key growth industries. The Fund includes $50 million in grants and $70 million in low-interest loans to support job creation in:
- Shipbuilding and defence
- Renewable energy and mining
- Tourism, food and wine
- Health and biomedical research
- IT and advanced manufacturing.
Future Jobs Fund grants
- Applicants must contribute matching funds of at least the amount of the grant sought
- Maximum grant per proposal is $5 million, minimum is $100,000
- Grants will be contingent on the achievement of agreed job-creation milestones.
Future Jobs Fund loans
Low-interest loans are available to assist with the expansion of business operations.
Business case grants
In the first phase of the Future Jobs Fund grants of up to $50,000 were awarded to about 250 businesses for the purpose of developing business cases for expansion.