Business

$100m recovery fund announced for SA businesses

An Economic Recovery Fund has been announced for SA businesses to support growth and job opportunities.

Source: Glam Adelaide

The Malinauskas Labor Government has announced a $100 million Economic Recovery Fund to support SA businesses.

This funding will be used to make strategic investments for job creation and to encourage development opportunities in the state.

The fund will provide several rounds of grants over the next four years and businesses are invited to apply if eligible according to set criteria.

The initiative will support state based businesses seeking to grow, while assisting investment attraction in SA.

The government also announced it would establish InvestSA, which will sell South Australia’s credentials nationally and internationally to assist investors to establish in the state.

$4.2 million will be allocated to develop Invest South Australia which will pursue investment attraction.

On Wednesday, the Premier revealed $45m would be allocated to marketing South Australia across Australia and internationally to attempt to aid businesses recovering from the COVID-19 pandemic.

This would include $15m next financial year to provide extra support to tourism businesses – over and above Labor’s election promise of $20m over two years.

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