KW Insights | Business Competitiveness Program Grants
Is your Victorian manufacturing business looking to expand and adopt new / innovative technologies?
You may be eligible for a state government grant worth up to $500,000.
The Victorian State Government has announced a grants package to assist Victorian manufacturing businesses adopt new and innovative technologies.
The Business Competitiveness Program will assist small and medium manufacturers with an existing presence in Victoria to expand their manufacturing operations and implement new manufacturing technologies and processes that provide a critical foundation for generating sustainable new local jobs.
The program aims to create jobs, increase industry competitiveness, and help strengthen local supply chains in traditional and emerging manufacturing sectors where Victoria has competitive advantages.
Grants of up to 33 per cent of eligible project expenditure, up to a maximum grant amount of $500,000, will be allocated on a competitive basis for projects to be completed within 18 months of receiving the grant.
The program provides grants of up to 33 per cent of eligible project expenditure allocated on a competitive basis. The maximum grant amount is $500,000 and the minimum grant amount is $50,000. For example, a $900,000 project where capital equipment is purchased and implemented may be eligible for a grant amount of $300,000.
All grants require a minimum co-contribution from the applicant of 67 per cent of total eligible project expenditure ($2 for every $1 funded by the Victorian Government).