Government Grants for New Business

Starting or growing a business can be daunting. Timing, strategy, investment, cost versus benefit, prevailing economic conditions... Decisions need to be made, and risks taken. Incentive Advisory can help reduce the risk by assessing your organisation's eligibility for government incentives and assistance, and maximise your funding potential.

Incentive Advisory has close to 25 years' of experience facilitating access to Federal and State-based government incentives and grants for new businesses in Australia, and we can identify the right funding opportunities to support your growth goals.

Government grants for new businesses are generally targeted at industry sectors and regions where there is a need for support, or an opportunity for competitive or strategic advantage that aligns with the Australian national interest.

Grants and incentives can support job creation, business expansion, capital infrastructure investment, increased productivity and competitiveness, purchase and installation of new plant and equipment, development of export markets and supply chain collaborations, new market access and business network assistance.

Outlined below are just a few examples of government grant programs and measures of support.  If you’d like to know more about these and other similar funding opportunities contact Incentive Advisory today.

 

Future Industries Fund (FIF)

The Victorian Government’s Future Industries Fund (FIF) is a $316 million war-chest to ensure Victoria retains a strong manufacturing base during these tough times. The fund offers co-contribution grants of up to $2 million to successful applicants in identified key high-growth sectors.

The goal is to secure Victoria’s economic attractiveness to high-value industry sectors that have the capacity to create high-skill, high-wage jobs. There are three funding streams available supporting a broad range of activities, including Innovation and R&D, Training and Employment, Transport and Distribution, Manufacturing, and Environment and Sustainability.

What are the three funding streams:

  1. The Manufacturing Program — assisting companies implement new manufacturing technologies and processes that will provide a critical foundation for growth. Potential grants of up to $500,000 are available, capped at 25 percent of project cost.
  2. The Sector Growth Program — provides grant funding for Victorian-based projects that align with future industries sector strategies. Potential funding of up to $100,000 is available for Scoping, Planning and Feasibility, a further $1 million matched co-contribution is available for Project Implementation
  3. The New Energy Jobs Fund — supports Victorian-based projects that create long-term sustainable jobs, increase the uptake of renewable energy generation, reduce greenhouse gas emissions and drive innovation in new energy technologies. Grants of between $20,000 and $2 million are available on a 1:3 matched basis.

Who can apply:

Eligible applicants must have a three year trading history, be investing in new manufacturing technologies to create sustainable new jobs, improve productivity/competitiveness, and target new growth opportunities in one of these key high-growth sectors:

  • Food and fibre
  • Medical technologies and pharmaceuticals
  • New energy technologies
  • International education
  • Professional services
  • Transport, Defence and Construction technologies

How to apply:

This grant is competitive and prospective, so contact Incentive Advisory today for expert advice and a competitive advantage. Our experts will navigate you through the eligibility and application process. 

Program Status: As of 6 July 2018 this program has been suspended with no further applications being accepted.  Following the Victorian State Election in November 2018 a further update on this program will be advised. 

 

Local Industry Fund for Transition (LIFT)

This Victorian Government fund aims to support businesses, communities and workers in local areas most impacted by the closure of the major car manufacturers. Capital investment co-contribution support of up to $2 million is available for projects that will create sustainable jobs and contribute to the economic development in these worst-hit areas. 

LIFT is part of the Victorian Government’s Towards Future Industries Plan, with $43 million in funding available in the South-East, West and North of Melbourne, and Geelong. Funding can be used to purchase equipment or machinery to assist business establishment or expansion, construction fit-out of new or extended buildings, and direct labour costs of expansion or establishment programs.

Who can apply:

Businesses of all sizes are eligible to apply, providing they can demonstrate the need for a government business grant or fund, including the likelihood of the project proceeding if the application is unsuccessful. Eligible applicants must have:

  • An Australian Company Number (ACN)
  • An Australian Business Number (ABN)
  • The financial capacity to meet the co-contribution requirement ($3 for every $1 granted)

What projects are eligible:

  • Projects that meet the purpose of LIFT
  • Create new and sustainable jobs in one of the four identified geographical areas
  • Make a significant contribution to the local economy
  • Involve at least $200,000 in eligible expenditure
  • Don't involve the movement of business activity from other areas of Victoria

What is the benefit:

Grants of up to 25 percent of eligible project expenditure, between $50,000 and $2 million is available on a 3:1 matched funding basis.

How to apply:

Contact Incentive Advisory today. Our experts will navigate you through the eligibility and application process.

Program Status: As of 6 July 2018 this program has been suspended with no further applications being accepted.  Following the Victorian State Election in November 2018 a further update on this program will be advised.

 

Building Better Regions Fund (BBRF)

The $481.6 million Building Better Regions Fund (BBRF) supports the Australian Government’s commitment to create jobs, drive economic growth and build stronger regional communities into the future.

The BBRF program will fund projects in regional Australia outside the major capital cities of Sydney, Melbourne, Brisbane, Perth, Adelaide, and Canberra.

What are the two funding streams:

  1. Infrastructure Projects Stream — As the name suggests, this funding stream supports projects which involve the construction of new infrastructure, or the upgrade or extension of existing infrastructure. In both cases, the project and the infrastructure must provide economic and social benefits to regional and remote areas.
  2. Community Investments Stream — The CIS is focused on strengthening communities by supporting the funding of new or expanded local events, strategic regional plans, and leadership and capability strengthening activities These projects must be completed within 12 months of the grant agreement being executed, and will deliver economic and social benefits to regional and remote communities.

Who can apply:

Local Governments and not-for-profit organisations located outside of the major capital cities are eligible to apply.

What is the potential benefit:

  1. The Infrastructure Projects Stream offers grants of between $20,000 and $10 million.
  2. The Community Investments Stream offers grants of between $5,000 and $10 million.
    Given the 12-month grant requirement, most grants are expected to be under $100,000.

How to apply:

Contact Incentive Advisory today. Our experts will navigate you through the eligibility and application process.

 

Regional Jobs and Investment Packages (RJIP)

The Federal Government's $220 million Regional Jobs and Investment Packages fund is about stimulating economic growth in regional Australia. It does this by supporting diversification of regional economies, stimulating long-term economic growth, opening new market opportunities and delivering sustainable employment.

Ten pilot regions have been chosen for Regional Jobs and Investment Packages, all of which have untapped potential in these areas. RJIP aims to support these regions to meet the opportunities that will help to secure their economic future.

Which regions are eligible:

A total of $220 million is available, allocated as follows:

  • NSW, North Coast - $25 million
  • NSW, South Coast - $20 million
  • QLD, Bowen Basin - $30 million
  • QLD, Tropical North - $20 million
  • QLD, Wide Bay Burnett - $20 million
  • SA, Upper Spencer Gulf - $20 million
  • TAS, Regional Tasmania - $25 million
  • VIC, Goulburn Valley - $20 million
  • VIC, Geelong - $20 million
  • VIC, Latrobe Valley - $20 million 

What funding streams are available:

Three funding streams are available, covering investment in Local Infrastructure, Business Innovation, and Skills and Training. In addition, applicants will have to demonstrate that their project aligns with the high level strategies identified by the Local Planning Committee, and outlined in the region’s Local Investment Plan.

What is the potential benefit:

Grant funding can cover up to 50 percent of eligible project costs, with participants providing the other 50 percent as co-funding towards the project. This requirement may be waived if a non-business applicant can demonstrate exceptional circumstances.

The minimum grant available for Local Infrastructure and Business Innovation projects is $50,000. There is no minimum grant for Skills and Training. The maximum grant in all cases is limited to the available funding for the area.

How to apply:

Contact Incentive Advisory today on 1300 462 238, our experts will navigate you through the eligibility and application process.

 

  • Grants are generally prospective, not retrospective
  • The first step is usually lodging an expression
    of interest (EOI)
  • Letters of support and broader stakeholder
    support is critical

 

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