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Future Jobs Fund Loans and Grants

Overview

This program seeks to support the development of globally competitive industries and industrial capabilities that will create the jobs of the future following the closure of South Australia's car industry. It forms part of the $200 million Future Jobs Fund which aims to drive employment growth.

The Fund will target jobs in the key sectors of:
- Ship building and defence
- Renewable energy and mining
- Tourism, food and wine
- Health and bio-medical research
- IT and advanced manufacturing

There are three types of assistance available:
1. Future Jobs Fund loans
- Between $100,000 and $10 million is available per proposal.
- The indicative rate is 2.7% to 3.4% depending on the term of the loan (as at 13 June 2017, interest rates fluctuate daily).
- Preference will be given to proposals where a government loan will supplement commercial finance. It is intended that loans will be refinanced with commercial providers within seven years.
- Applications open on 22 June 2017 and close on 29 September 2017, 5pm ACST.

2. Future Jobs Fund grants
- Between $100,000 and $5 million is available per proposal.
- Applicants must contribute matching funds of at least the amount of the grant sought.
- Applications open on 22 June 2017 and close on 29 September 2017, 5pm ACST.

3. Business case support grants
- Grants of up to $50,000 are available to assist applicants develop a business case in support of applications to the Future Jobs Fund for grants and/or loans.
- Applicants must contribute matching funds of at least the amount of the business case support grant sought.
- Applications open on 22 June 2017 and close on 14 July 2017, 5pm ACST.

A total funding of $120 million is available comprising of $50 million of grants and $70 million of low interest loans.

Who Can Apply?

Eligible applicants include businesses and other non-government organisations, including service providers and research and education institutions who 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.
- The organisation is registered for GST.

Please refer to the Guidelines for the complete eligibility requirements.

Eligible Activities

Eligible projects include those that can create new additional jobs in South Australia which can be sustained beyond the original assistance period. The loan or grant is designed to meet only the transitional costs associated with the business.

Please refer to the Guidelines for the list of eligible proposals/activities for each key sectors.

Main Assessment Criteria

The main assessment criteria include whether the application:
- Meet the eligibility criteria outlined in the Guidelines.
- Create ongoing and sustainable jobs in South Australia in one of the identified future growth sectors.
- Have a viable business case and a proponent that has managerial capability and financial capacity to implement the project.
- Do not face other significant barriers to commencement should funding be approved.
- Can commence by 30 June 2018.
- Provide value for money in terms of budget cost per job created for comparable job types.
- Are likely to catalyse job creation in other firms or industries.
- Are best suited to support through the Future Jobs Fund, or other State, Commonwealth and/or local government or industry sources.

Restrictions

The following are ineligible for funding:
- Early stage proof of concept activities or investments which could receive support through the SA Early Commercialisation Fund and/or SA Venture Capital Fund.
- Retrospective funding, where projects have been completed or have commenced prior to the application being received by the Department of Treasury and Finance.
- A project, or elements of a project, which are more appropriately funded by other State, Commonwealth and/or local government or industry sources.
- Projects that require ongoing recurrent State Government funding.
- Projects which are solely transactional in nature and do not lead to any transformational or positive significant job impacts to South Australia.
- Projects undertaken on behalf of third parties.
- Future Jobs Fund loans, where full commercial finance is available.

  • Start-up
     
  • Research & Development
  • Marketing
     
  • Export
     
  • Business Support
     
Documentation Uploaded
Guidelines 2018-01-15 Download
FAQs 2018-07-19 Download

Use these documents as a guide only - always get the latest direct from the Administrator

Add to
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Category
Business
Community
Dates
Status Pending
Opening Date 22 Jun 2017
Start By Date 15 Sep 2017
Closing Date 29 Sep 2017
Closing Information
The next funding round is yet to be announced.

Value
Funding Type Grant Loans
Max.Funding $10M
Total Funding Pool $120M
Co-contribution Yes 1:1
Competitive Yes
Eligible Activities
Activities
Training / Employment
Manufacturing
Innovation and R&D
Infrastructure / Equipment
Sector/SubSector
CommunityServices : Employment
Gender Any
Age Any
Who Can Apply?
Location
South Australia
Region
Any
Industries
Tourism
Mining
Information Technology and Communication (ICT)
Healthcare, Medical, Biotechnology and Nanotechnology
Food and Beverage
Energy and Renewables
Defence
Building, Construction and Engineering
Eligible Organisation Type(s)
Organisation
Difficulty Rating
Administrator
Tier State
Department
Department of Treasury and Finance
Contacts
Program Administrator
Department of Treasury and Finance
Telephone
0884635550
Email
futurejobsfund@sa.gov.au
General WebsiteVisit
Program Website Visit