$2.4m to stimulate Frome economy
A $2.4m injection of strategic business funding will see two regional businesses expand their enterprises and stimulate the local economy.
The funding, from the State Government’s Regional Growth Fund, will add to total project investments for Gadaleta Steel Fabrication in Port Pirie and SABOR Ltd in Clare, with both businesses showing their confidence in the regional economy, Member for Frome Geoff Brock MP said.
“Gadaleta Steel have been granted $2 million for the purchase and installation of automated steel processing machinery which will increase production capacity from 50 tones a week to 200-300 tonnes a week and they will co-contribute $2.5m to the project. This will allow work that currently has to go Adelaide and be returned to the regional customer, to be done locally which will eliminate that process. It can be returned to regional south Australia which will create more employment and reduce the cost.
“SABOR Ltd, based in Clare, will receive $440,000 to expand and provide an enhanced biosecurity secure facility to house 164 boars for semen collection, which will enable growth in the Australian pig industry and develop greater commercial productivity and exports. They will co-invest $547,570 into the expansion.”
Mr Brock said the Regional Growth Fund had been established to unlock new economic activity in the regions and deliver critical economic infrastructure while strengthening regional communities.
“The Government is committing $150 million over 10 years to support regional South Australia as part of the Recharging Our Regions policy and it is a positive sign for local employment. Source https://geoffbrock.com.au/business/2-4m-to-stimulate-frome-economy/
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