$111.9m to boost Northern Australia businesses

Businesses looking to grow and diversity will be able to access significant funds through the Northern Australia Development Program.

TERRITORY businesses looking to grow and diversify will be able to access more than $110m through the Northern Australia Development Program.

Business will be able to apply for a range of grants through the program with the first stream to target small to medium corporations with business expansion and diversification grants of between $50,000 and $2m.

The second stream will offer corporations between $3m and $10m to establish a new industry or grow an existing industry.

Agriculture and Northern Australia Minister David Littleproud said the $111.9m investment was needed to drive the development of diverse and profitable businesses as well as create jobs in Northern Australia.

“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,” Mr Littleproud said.

“Growing existing, emerging, and new industries in the north will contribute to transformational change and make it a more attractive place to invest and do business.”

The Special Envoy for Northern Australia, Townsville-based Senator Susan McDonald, said she was committed to driving the vision of a stronger and diversified Northern Australian economy.

“This grants program is another step towards levelling the playing field for businesses in the north,” she said.

“Northern Australia has more than 96,000 businesses, 1,100 of which are Indigenous owned. It is a great place to work, live and do business and I am excited about the unique prospects this program can deliver”.

The program is expected to open for applications in early November, with grants being awarded in February next year.