New and innovative financial support programs will be available for small, fast-growing companies as part of a long-term plan to accelerate jobs growth in NSW.
Premier Mike Baird today released the Jobs for the Future report, outlining how NSW can reach its target of creating one million new, rewarding jobs by 2036.
“NSW leads the nation when it comes to job creation, but we know the world is changing and we must keep adapting with it,” Mr Baird said.
“Our small, fastest growing companies create the most new jobs in NSW – supporting these ambitious and innovative firms is essential to grow resilient jobs for the future.”
Mr Baird announced financial support programs from the $190 million Jobs for NSW Fund, based on priorities identified in the report, that will:
- Help fast-growing, small-to-medium size companies - known as gazelles - to access the funds they need to grow jobs through a $50 million loan guarantee program and a $3.5 million direct loan pilot program;
- Assist start-up companies to flourish into the gazelles of tomorrow by setting aside $10 million to grow the State’s network of incubators and accelerators, and $3 million in 2016-17 for direct grants to start-ups;
- Grow regional companies with a dedicated $30 million program; and
- Attract large and international companies to base their headquarters in NSW through use of a $30 million fund.
Industry Minister Anthony Roberts said the Government had engaged some of the best business minds in the country to grow jobs now and over the next 20 years.
“The innovative financial support programs we’re announcing today have been specifically developed to have maximum job creation impact for NSW,” Mr Roberts said.
Jobs for NSW Chair David Thodey said Jobs for NSW would now focus on the execution of Jobs for the Future, with the measure of success being job creation.
"In particular, we now understand the vital role of gazelle companies when it comes to creating jobs, but also their existing funding challenges. As a result, a large proportion of our funds will be targeted towards these companies," Mr Thodey said.
The Jobs for the Future report and further information can be can be viewed at the Jobs For NSW website.