Territory Stories

Northern Territory Auditor-General's Office, February 2023 Report to the Legislative Assembly



Northern Territory Auditor-General's Office, February 2023 Report to the Legislative Assembly

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Tabled Paper 772


Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT




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Legislative Assembly of the Northern Territory

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Legislative Assembly of the Northern Territory



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Auditor-General for the Northern Territory February 2023 Report Page 58 of 131 Local Jobs Fund cont The eligible business definition was expanded to include businesses that are raising money to support a business that: is present in the Territory, has high growth and job creation potential, and meets the approved risk appetite for the Fund. The range of industries eligible to apply for funding was expanded with the removal of the eligible product requirements. Prior to the change, applicants for funding had to be from one of the following sectors: Growth or Developing Sector as defined in the Economic Development Framework A related service and supply sector Other sector in which the Territory has a comparative advantage. Timing In 2019, it was expected the Fund would operate until the earlier of 31 December 2020 or until funds allocated to the program were fully committed. All timelines have now been removed. Products There were significant changes to the products offered through the Fund. The LJF Policy Framework March 2022 reflected the removal of Infrastructure Grants and the expansion of Equity to include Convertible Notes, Simple Agreement for Future Equities, Keep It Simple Securities and variations thereof. The funding amounts allocated to each product were removed and the transaction limits were expanded. Table 3: Products Available and Conditions 2019 Product Fund Amount Investment Term Transaction Limit Loan Guarantees $20 million 5 years $100,000 - $5 million Business Investment Concessional Loans $20 million 3 years $100,000 - $3 million Equity Investments $20 million 3-5 years $100,000 - $5 million Priority Sector Collaborative Grants $20 million not applicable $1 million - $10 million Infrastructure Grants for Transformational Economic Growth Projects $9 million not applicable $100,000 - $1 million Source: The LJF Policy Framework April 2019