About the fund

Fund overview

The total funding allocated to the Local Jobs Fund is $91.5 million, which includes $89 million to be offered through the fund and $2.5 million to support administration including staffing and access to specialist advice.

The Local Jobs Fund will run for two years or until it is fully committed.

Local Jobs Fund Investment Committee

The Investment Committee will provide advice and make recommendations to the Northern Territory (NT) Government in relation to each application.

The committee is made up of credentialed and experienced private sector representatives with strong backgrounds in investment banking, finance, legal and commercial negotiations.

The committee is:

  • Ms Felicity Gates (Chair) - founding Partner and Chair of Castlebridge Infrastructure and former global Co-Head of Citi Infrastructure Investors
  • Mr Bill Reeks - recently retired Executive Director, Macquarie Bank
  • Mr Lachlan Drew - Managing Partner, MinterEllison Darwin
  • Mr Charlie Falanga - long term Darwin resident and owner of Astute Finance; 35 year corporate banking veteran and former Regional Executive with NAB, NT.

Assessment process

  1. Applications will be assessed by the Department of the Chief Minister and Cabinet against the assessment criteria. The facilities memorandum will be populated by the department as part of this assessment.

Get the facilities memorandum:

Facilities memorandum (pdf 164kb)
Facilities memorandum (docx 169kb)

  1. You may be asked for additional information at any stage. The department will undertake due diligence.
  2. The Investment Committee will review the assessment and make a recommendation to the NT Government.
  3. Investment decisions will be made by the chief executive of the Department of the Chief Minister and Cabinet, the relevant minister or Cabinet depending on the size of the investment.

Successful applicants will be required to complete detailed and binding commercial agreements including letters of offer, shareholder agreements and loan agreements. Examples of such documents are available by contacting the Local Jobs Fund team.

Approach to risk

A measured approach to risk will be taken to ensure public monies are allocated appropriately and the fund’s capacity to achieve its economic development objectives is maximised.

Risk management and performance measurement will take into account the explicit concessions being provided by the NT Government to recipients. All of the fund’s products are approved on a matching basis. Proponents will need to demonstrate that there is, at minimum, an equivalent level of private capital being brought into the business or project.

The fund will use concessional financing to achieve economic outcomes (employment and economic growth) for the Territory. Therefore, any concessions afforded by the fund will need to be relative to the economic outcomes achieved.

Risk appetite

The fund is expected to have a higher risk appetite for factors that are unique to investing in NT projects. This could include risks associated with:

  • growing an export-orientated industry that may have exposure to commodity or currency pricing, particularly where risk mitigation is not cost-effective or desirable
  • achieving all relevant Territory, national and international regulatory approvals for the business or project
  • project delays that relate to specific challenges of progressing projects in the Territory
  • technology proven overseas or in pilot conditions (excluding unproven technology).

The fund is expected to have a lower risk appetite for factors that are not unique to NT projects. This includes proponent capability and integrity and quality of the business case presented.

  • Proponents will need to clearly demonstrate their financial, commercial and project experience, capacity and capability and satisfy due diligence investigations by the fund.
  • Project selection will be based on due diligence of a robust business case evidencing a project’s ability to achieve fund objectives.

Product limits

Funding caps will be applied to each of the products under the fund to ensure broad distribution of funds across products and diversification of project-specific risks. The distribution of funding may vary.

Product Fund amount Minimum investment Maximum investment
Business Investment Concessional Loans $20 million $100,000 $3 million
Equity Co-investments $20 million $100,000 $5 million
Capital Grants for transformational economic growth projects $20 million $1 million $10 million
Priority Sector Collaborative Grants $9 million $100,000 $1 million