Dr Mike Freelander MP, the Federal Member for Macarthur, has welcomed the announcement by the Albanese Labor Government to fast-track capital through the National Reconstruction Fund (NRF).
The conflict in the Middle East is disrupting the supply chains Australian businesses and farmers rely on – from fuel, plastics and fertiliser to logistics – driving up costs and creating uncertainty.
The Albanese Government is pulling every lever available to ease pressure on businesses and has fast-tracked three streams of funding through the NRF to get finance moving to strengthen critical supply chains.
From April 20th, businesses across Australia and in Macarthur can apply for $6.15 billion in concessional capital through the NRF.
The $1 billion Economic Resilience Program will provide zero interest loans to existing eligible businesses impacted by market disruptions or to maintain and build industrial capabilities that contribute to Australia’s strategic and economic resilience.
This includes businesses producing and transporting the fuels, plastics, fertilisers, and agricultural protection chemicals that Australian farmers and manufacturers rely on every day.
Loans under the program will be administrated by participating banks or the NRF.
The bank-administered part of the program will be open for applications for 6-months, with banks able to approve zero-interest loans of up to $5 million for businesses with an annual turnover of less than $100 million.
Businesses seeking loans above $5 million or with an annual turnover of over $10 million should apply directly to the NRF.
The $5 billion Net Zero Fund will support new manufacturing investment and improvement of energy efficiency in hard-to-abate sectors.
This includes scaling domestic manufacturing capabilities in clean energy supply chains – such as wind, solar and energy storage solutions – and the production of low carbon liquid fuels.
The $150 million Forestry Growth Fund is open to support timber processing for use in housing construction and investment in mills and processing facilities to move up the value chain.
With the Middle East conflict causing significant economic stress on the nation and local businesses, the Member for Macarthur welcomes this announcement by the Federal Government.
Those interested should head to the National Reconstruction Fund Corporation website for further details on how to apply, eligibility criteria and FAQs.
Quotes for Dr Mike Freelander MP, Federal Member for Macarthur:
“During these times of uncertainty, I am proud to be part of a Government that is taking action to support businesses and help ease the pressure they are experiencing.
“By helping accelerate funds, we are working to protect local manufacturing and supply chain businesses from market disruptions.
“I thank the Minister for Industry and Innovation, Senator Tim Ayres, and the Prime Minister for working on this important initiative.”
