The federal government, in its efforts to cultivate new and diverse businesses and boost job creation across the region, has launched the Northern Australia Development Program. A whopping amount of $ 111.9 million has been earmarked to give grants to Northern Australian businesses in need of such financial assistance.
The Northern Australia Development Program has been divided into two streams.
- Stream one will aid small and medium entities with business expansion and diversification grants between $50,000 to $2 Mn
- Stream two will cover businesses with business expansion between $3Mn and $10Mn. They will be encouraged to foster a new industry or grow a pre-existing business
David Littleproud, Minister for Agriculture and Northern Australia said, “These grants will help businesses to fund new capital expenditure investments like the construction of infrastructure or assets, or to undertake business planning and feasibility studies.” He added that the coming forth of new industries in the north will make it a hot place for investments and business initiatives.
The applications will open in early November. The eligibility requirements and instructions will be released at the end of September. The grants will be awarded in February next year.
Townsville-based Senator Susan McDonald is driven to make the northern Australian economy diversified and prosper and is very excited about the different ways in which this program can affect businesses in the region.