Low Interest Loans to Fuel Growth and Job Creation for Regional NSW Businesses

IAN ROGERS

The Minns Labor Government has reaffirmed its commitment to fostering economic growth in regional NSW, announcing today the first recipients of its low-interest loans aimed at boosting jobs and revenue in the food and beverage manufacturing sector.

As part of the Regional Development Roadmap, seven businesses in locations including Dubbo, Byron Bay, Wagga Wagga, Wauchope, Bathurst, the Central Coast, and the Southern Highlands will benefit from these loans. This initiative is designed to enhance productivity, create jobs, and advance manufacturing capabilities across the region.

Under the $5 million pilot program, businesses can access loans ranging from $100,000 to $1 million at a fixed interest rate of 2.5% over the life of the loan. Payments will be interest-only for the first two years, with a maximum loan term of seven years. Unlike conventional commercial loans, these loans do not require family homes to be put up as security. These funds can be used for projects such as installing automated production lines, upgrading bottling processes, or purchasing equipment that enhances export capabilities.

In a series of Ministerial Roundtables with regional businesses, leaders in the food and beverage industry highlighted the need for support to adopt new technology, boost productivity, and expand market opportunities. The government is addressing these needs, helping businesses grow, increase local produce demand, and create more jobs.

Companies Receiving Low-Interest Loans:

• Little Big Dairy Co. (Dubbo): Funds will be used to install automated technology, reduce waste, and increase capacity, improving energy efficiency while creating jobs and expanding market reach.

• Byron Beef Jerky (Byron Bay): The company will convert areas into cool rooms and food prep spaces, upgrade power, and enhance production and storage, which will drive demand for local beef and support job creation.

• East Coast Beverages (Central Coast): The loan will enable upgrades to production with automated technology, including high-speed conveyors, bottling equipment, and advanced line cleaning systems, increasing output and reducing waste.

• Ezy Fresh (Wagga Wagga): The company plans to diversify its product range and streamline production, which will allow for staff upskilling, capacity doubling, and an increase in demand for locally grown vegetables.

• Timber Town Pies (Wauchope): With the loan, the company will upgrade equipment to double production capacity, create new jobs, and boost local beef demand.

• McDowells Herbal (Bathurst): Investment in specialist equipment will allow McDowells Herbal to expand its product line and significantly increase output, leading to job growth and higher revenue.

The food and beverage manufacturing sector is a cornerstone of regional employment in NSW, already home to major companies like Nestlé, Ferrero, Stone and Wood, Sanitarium, and Simplot Foods. In 2022-2023, the sector generated an annual turnover of $42.5 billion and employed over 66,000 people as of May 2024.

For more details on the businesses receiving loans or to apply for the program, visit the NSW Government Regional Development Trust website by scanning the QR Code below.