Future Jobs Fund to support development of new VeroGuard Adelaide facility
VeroGuard Systems, a leading cyber security solutions provider, is the first company to successfully apply for a low interest loan under the State Government’s Future Job Fund.
The loan will support the company’s proposed cybersecurity Advanced Manufacturing Centre and a Global Network Operations Centre in Northern Adelaide, which was announced by Premier Jay Weatherill in November.
The $7.88 million loan, which is to be repaid over seven years, will enable VeroGuard to transition to full manufacturing output and secure required employees rapidly.
VeroGuard’s $57.5 million investment into the facility in Northern Adelaide is estimated to create nearly 600 new jobs in its first three years.
As part of the 2017/18 State Budget the South Australian State Government dedicated $200 million to the Future Jobs Fund. Within this $200 million, Investment Attraction South Australia was provided an additional $60 million of resources: $30 million in grant funding and $30 million in loan funding.
In addition to the Future Jobs Fund, the South Australian Government will also contribute $6.2 million to VeroGuard Systems to support the job creation project via the Economic Investment Fund.
VeroGuard Systems is a Melbourne-based cyber security company that specialises in identity and access management technology. The company’s technology integrates military grade security and encryption with banking grade ‘black-box’ technology.
The Future Jobs Fund will give VeroGuard the support they need to smoothly transition to full manufacturing output and secure required employees rapidly in the near future.
The ability to provide a low interest loan to support companies that are investing in the State promotes job creation, capital investment, construction jobs and increased economic activity.
The Future Jobs Fund benefits the companies who receive this loan, but it also provides another avenue for support that Investment Attraction South Australia’s can call on when attracting and working with potential investors.