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Coles Supermarkets Australia Pty Ltd (Coles) has launched an exciting initiative to assist small to medium sized Australian producers, farmers and manufacturers to grow their business.
What funding is available?
The Coles Nurture Fund (CNF) will allocate $50 million over five years in grants and interest-free loans to fund the development of new market-leading products, technologies, systems and processes, to help Australian food and grocery producers, farmers and manufacturers to innovate and grow their business. The maximum single allocation of funds under the CNF is $500,000.
Which companies are eligible?
To be eligible for consideration for the initial allocation of grants or interest free loans from the CNF, applicants must:
- have a turnover that is less than $25 million per annum
- employ no more than 50 full time employees (excluding casual seasonal labour)
- have a registered Australian Business Number; and
- have a business plan
Applicants that have already secured co-investments for their project from other entities will be considered. The application deadline is Friday 12 June 2015.
How does the selection process work?
As this program is a competitive grants program, all applications will be assessed against the relative merit of other applications. The better your application, the better the chances are of a successful outcome.
How can Grant Thornton help?
Grant Thornton’s dedicated Government Grants and Incentives team has extensive experience in coordinating, preparing and submitting high-quality, successful grant applications on our clients’ behalf. The CNF response requirements mirror Government funding processes – with which we are intimately acquainted.
Looking further afield
There are a range of generous industry assistance programs offered by various levels of government in Australia. However many businesses that have a legitimate opportunity to claim government benefits are either unaware of the existence of these programs or do not maximise available returns.
Examples of Commonwealth grants include:
- Export Market Development Grant
- R&D Tax Incentive
- Entrepreneurs’ Infrastructure Programme
- Regional Infrastructure Programme
There are also a range of grant programs available at State Government level.
For further information or assistance with preparing a CNF grant application, or other grant opportunities please contact:
Jacky Millership, Associate Director - Operational Advisory, T +61 3 8663 6723, E firstname.lastname@example.org