The Territory Labor Government’s $50 million Small Business Survival Fund has assisted more than 1650 Territory Businesses during the coronavirus pandemic.
Coronavirus is hitting Territorians hard and we are doing everything we can to support local business and save local jobs.
With the Territory on the road to recovery and approaching Stage 3 of adjusting restrictions, the Small Business Survival Fund is transitioning to the rebound phase.
The Fund has been open for new applications for eight weeks, and from today it will be closed to new applications. Support will now be available to help eligible businesses transition to the new normal and rebound strongly.
We can start the rebound because we are the safest place in Australia, which has meant Territory businesses have been the first in Australia to re-open quickly and safely.
The remaining $10 million has been allocated for the rebound, which will provide Rebound Support Grants to businesses who are approved applicants under the Small Business Survival Fund or approved to be on the Business Hardship register.
Rebound Support Grants range between $1,000 and $5,000, depending on the number of full time equivalent staff businesses had prior to the COVID-19 shutdown. A further $10,000 is also available if the business also contributes $10,000.
Approved applicants from businesses who are on the Hardship Register can receive a Rebound Support Grant worth $10,000 should they provide a co-contribution of $10,000.
The Rebound Support Grant may be used for improvements such as:
- Physical alterations to businesses such as hospitality venues to adhere to physical distancing regulations;
- Signage which illustrates COVID-19 safe practices;
- Training for staff;
- Strategic planning; and
- Advertising and marketing to inform Territorians that they are open and back for business.
The Department of Trade, Business and Innovation will contact approved Small Business Survival Fund applicants and Business Hardship register applicants directly to transition them to support available under the rebound phase.
For further information on the Small Business Survival Fund Rebound visit businessrecovery.nt.gov.au
Quotes from Chief Minister, Michael Gunner:
“I will do whatever it takes to help protect Territorians from the worst effects of the coronavirus crisis – to save lives and save jobs.
“Our Jobs Rescue and Recovery Plan is all about keeping businesses open and Territorians working, so that the Territory can rebound strong when the crisis is over.
“By assisting Territory businesses to rebound, we are saving Territory jobs.
“This is an unprecedented crisis and all of us have to help carry the load. I would rather the Government take a hit right now than a business hit the wall, or a worker hit the dole queue.”