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Small business key to creating new jobs growth

Release Date: 19/08/2016

The Illawarra Business Chamber says the release of the NSW Government’s Jobs for NSW plan introduces important initiatives, however, it is extremely disappointing that the $30 million set aside to assist the growth of regional companies appears to exclude the Illawarra.

Illawarra Business Chamber Executive Director, Mr Chris Lamont said Small and Medium Enterprises (SME’s) are a driving force behind jobs and jobs growth across the Illawarra.

Research undertaken by the NBSW Business Chamber in 2013 identified that while small firms make up the largest share of innovative business, more than 30% of SMEs felt they had missed an opportunity due to a lack of finance.

“The Jobs for NSW Fund recognises the importance of SMEs in delivering more jobs over the next 20 years,” said Chris Lamont.

The proposal to introduce a $50 million financing program, potentially including a loan guarantee scheme, to help SMEs expand their businesses, picks up a specific request for the Chamber.

“Financing new business growth opportunities is always a challenge but especially for companies doing new things and that are transitioning from small or medium businesses into larger ones. The proposal for a $30 million pool of funds to specifically help grow regional businesses is a great initiative and should include SME’s in the Illawarra region,” said Chris Lamont.

Other initiatives from the $190 million Jobs for NSW Fund, include:
  • $50 million loan guarantee program and a $3.5 million direct loan pilot program to assist fast-growing, small-to-medium size companies.
  • $10 million to grow the State's network of incubators and accelerators.
  • $3 million in 2016-17 for direct grants for start-ups.
  • $30 million fund to attract large and international companies to base their headquarters in NSW

  • “It is important that all levels of government recognize the importance of SME’s in economic growth and employment generation,” said Chris Lamont.

    Media Contact: Chris Lamont 0414 765 040

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