SA Government announces $100m Economic Recovery Fund

55
Image credit: www.sa.gov.au

The South Australian Government announced it would establish a $100 million Economic Recovery Fund (ERF) “specifically calibrated to assist business and industry grow jobs in South Australia”.

The Economic Recovery Fund will provide grants for SA-based businesses seeking to grow while also supporting investment attraction in South Australia.

Over the following four years, the fund will support several rounds of grants, with businesses invited to apply based on a set of criteria.

The SA Government will also establish InvestSA, which will be responsible for promoting South Australia’s credentials both nationally and globally, as well as supporting investors in establishing in the state.

InvestSA will cost an additional $4.2 million over the next four years.

Making the announcement, Premier Peter Malinauskas said the fund will allow the government to make strategic investments in the state that will attract investment and create jobs.

“The Economic Recovery Fund will provide an opportunity for SA-based businesses seeking to create jobs, while also supporting development opportunities in our state,” he said.

“We’re backing SA businesses to help drive our state’s economic recovery after the pandemic.”

Treasurer Stephen Mullighan added:

“The Economic Recovery Fund will be specifically calibrated to businesses and industry seeking to create jobs.

“As we emerge from the pandemic, there are scores of South Australian businesses seeking to grow and government has a role to play to ensure they can do that, and therefore create more jobs in our state.

“InvestSA will ensure that once again South Australia is actively seeking investment from interstate and overseas, which will only help create even more jobs.”

Image credit: www.sa.gov.au