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Media ReleaseCOMMONWEALTH BACKING A BOOST FOR NEW APPRENTICES K1002 18 February 1999 A unique initiative designed to increase the number of New Apprenticeships offered by small and medium enterprises was today announced by the Minister for Education, Training and Youth Affairs, Dr David Kemp. The Commonwealth Government has agreed that it will guarantee commercial loans up to the value of $175,000 to approved group training companies (GTC’s). "Group training companies play an important role in the skilling of our nation. They allow more industries to access skills of New Apprentices while also providing career and training opportunities for young people," said Dr Kemp. "Improved access to working capital is a key factor in increasing the number of New Apprentices recruited by group training companies each year. From February this year the Commonwealth will act as the guarantor for loans through till 30 June 2001." Nationally GTC's employ about 27,000 New Apprentices, hiring them to predominantly small and medium enterprises, which may not be in a position to permanently employ New Apprentices themselves. GTC’s will need to pass the financial viability and other Commonwealth assessment processes to be eligible for a Commonwealth guaranteed loan or overdraft. They will then be able to approach one of the approved financial institutions for a Commonwealth guaranteed working capital loan or overdraft. The Commonwealth Bank has agreed to participate in the programme with the future participation of other financial institutions to be announced separately.
Media contact: Samantha Herron 02 6277 7460 or 0412 639 754
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