Beyond the numbers with Grant Thornton: Listen now
As budgets tighten, the competition for grant funding increases. If grant funding is integral to your investment strategy, it is important to be on the front foot when it comes to identifying and preparing to access a Victorian government grant.
Victoria has a strong policy commitment to the state’s $31 billion manufacturing industry, outlined in the recently released Made in Victoria 2030: Manufacturing Statement. Grants continue to play a part in government’s support to the sector, however funding pools and grants sizes have reduced.
Grants are not the only funding options. Alternatives include equity or debt-based finance through programs such as the Breakthrough Victoria investment fund.
The Manufacturing and Industry Development Fund is the state’s keystone program to help build Victoria’s sovereign manufacturing capability in key growth sectors. Its first initiative, the Business Competitiveness Program (closed in July 2021), offered SME manufacturers up to $500,000 to expand their operations and implement new adaptive manufacturing technologies and processes. From all accounts, this was a highly successful program.
The second initiative, Made in Victoria – Manufacturing Growth Program, has just been announced and will close on 6 April 2023. It offers SME manufacturers up to $250,000 ($2:$1 co-contribution basis) to introduce new technologies, expand operations, improve productivity and enhance sovereign manufacturing. See the Business Victoria website for more information.
Round 3 of the Circular Economy Business Support Fund assists individual organisations and Collaborative Partnerships with projects that improve the capability and capacity of Victorian industry to identify, implement, commercialise, and scale circular solutions. Applications are open and close 12 April 2023.
The program offers grants of between $50,000 and $1,000,000 ($2:$1 co-contribution basis). It will fund projects that focus on identifying, implementing, commercialising or scaling circular market solutions that prevent, minimise or eliminate waste and pollution, or keep products and/or materials at their highest use. End-of-life strategies, such as recycling, waste management or energy recovery will not be supported. See website for more information.
The Regional Jobs and Infrastructure Fund continues to support industry to create or retain jobs in selected priority regional areas. An investment attraction program for footloose projects, those that support new technology purchases and improve productivity, RJIF was allocated $30 million in 2022-23. See Regional Development Victoria website for more information.
With the Federal Government’s National Reconstruction Fund still under development, Victorian manufacturers are predominantly reliant on State level grant funding to support investment projects. Now more than ever being ‘grant ready’ could be the difference between accessing a grant or missing out.
The Government Grants team can help you shape a strong grant strategy, highly aligned to your business goals, and scan the grants landscape so that you can be ready to respond.
For more information about our Grants Strategy Workshop and our Monthly Scanning service, contact us or click here.
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