Small Businesses Survival Fund to keep local businesses afloat

The Territory Government will deliver a $50 million Small Businesses Survival Fund to help Territory businesses survive the unprecedented economic impacts of the coronavirus outbreak.

Treasurer Nicole Manison and Chief Minister Michael Gunner announced $50 million to support small businesses. Picture: Keri Megelus

The Territory Government will deliver a $50 million Small Businesses Survival Fund to help Territory businesses survive the unprecedented economic impacts of the coronavirus outbreak.

The Small Business Survival Fund is specifically targeted to support industries such as hospitality, restaurants, tourism and entertainment businesses who are bearing the brunt of the national crisis.

The fund has three goals of helping businesses survive through the shutdown period, helping businesses adjust to the new consumer environment and preparing businesses to take advantage of the rebounding economy when the virus crisis is over.

Chief Minister Michael Gunner said the government will continue to take steps to save jobs.

“COVID19 is doing more damage to our Territory economy than any natural disaster ever has,” he said.

“The extreme measures that are necessary to control the spread of the virus will have an impact on our local businesses and workers.

“The Territory Government will do everything we can to protect small businesses and jobs as much as possible.”

The fund will be administered by the Department of Business, Trade and Innovation, which will receive recommendations of support from members of a Skilled Advisory Board. The Board will be chaired by respected Territory business leader Dick Guit.

He will be supported by tourism leader Michael Bridge, Chamber of Commerce President Karen Sheldon and Hospitality NT President Paul Palmer.

The grant program will be open for applications from Friday 27 March. The Department of Business, Trade and Innovation will release further information this week on the application processes and criteria.

The Department will also actively reach out to directly affected businesses to discuss their suitability for support from the fund, as well as the other support that is now available from both the Territory Government and the Federal Government.

The Small Business Survival Fund is in addition to the Jobs Rescue and Recovery Package and the Tourism Resilience Package announced previously.

The Territory Government is investing nearly $120 million so far in response to the coronavirus.