$2.8 billion package to turbocharge NSW recovery from COVID-19 pandemic
Businesses across NSW will benefit from a targeted $2.8 billion package developed to accelerate recovery following the three-month lockdown due to the Delta COVID-19 outbreak.
The NSW Government’s Economic Recovery Strategy released today includes funding to stimulate economic activity in cities and regions with a strong focus on rebuilding and supporting businesses, helping the hip pocket and boosting jobs.
The NSW Government’s Economic Recovery Strategy includes:
- $500 million to restore consumer and business confidence, including the expansion of Dine & Discover and Stay & Rediscover accommodation vouchers.
- $250 million to support jobs and skills, including help for job seekers to retrain or upskill.
- $212.2 million to boost vital sectors, including additional funding for the performing arts sector, an Alfresco Restart Package, and support to bring our cities back to life.
- $200 million to boost regional NSW, including support for events, facilities and local infrastructure, and housing.
- $75 million to boost communities across the state, including support for tourism, events, sport and recreation.
Premier Dominic Perrottet and Treasurer Matt Kean today revealed that as part of the package, households of school-aged children in 2021, will receive $250 in vouchers to stimulate spending and economic activity. “One of the biggest challenges for so many families during lockdowns was learning from home, and now as life returns to normal, we want to encourage people to get out and boost economic activity,” the Premier said.
The $250 in vouchers will be available through Service NSW in early 2022. The vouchers will be available to households which had a school-aged child in 2021.
The strategy also assists those most impacted during lockdown including:
- $739.3 million in household and social support, including housing support for vulnerable Aboriginal communities, expansion of solar rebates, support measures for victims of domestic and family violence, and vouchers to parents who have facilitated home learning for their children.
- $495 million in education support to address learning gaps for children in need and to help schools adapt to future possible learning disruptions.
- $130 million for a mental health recovery package to provide immediate access to help for anyone whose mental health has been impacted by the COVID-19 pandemic.
The 24-Hour Economy Commissioner will take on the additional role of NSW COVID-19 Recovery Commissioner to oversee the implementation of the Economic Recovery Strategy.
How can brokers help?
Nick Reily, National Channel & Partnerships Manager at OnDeck is thrilled by the $2.8 billion and encouraged brokers to assist their small business clients seeking to rebuild in NSW after the three-month closure.
“Brokers can help their clients by exploring finance options that deliver timely, rapid access to funding – cash flow finance when businesses need it, not in several weeks’ time when opportunities may be lost.
“This means looking beyond mainstream banks, which can take weeks to respond to a commercial loan application, and often reject it in a process that OnDeck refers to as ‘the slow no’.”
According to Nick Reily, OnDeck’s Lightning Loans are the ideal solution that enable brokers to assist their small business clients facing a cash flow squeeze. Lightning Loans are available for unsecured funding up to $100,000.
“We require just six months of bank statements to be uploaded to the secure OnDeck portal, and with the benefit of our risk assessment algorithm – The KOALA Score™, brokers can have a decision on their client’s application in as fast as 30 minutes, with funding in as fast as 2 hours.
“This is considered to be among the fastest, most accurate, lending decisions in the small business market.”
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