The $110 million NSW Regional Investment Activation Fund
Updated: Nov 9, 2022
Applications are now open for the AUD$110 million Regional Investment Activation Fund to drive catalytic investment in key industries and priority locations across regional NSW. The fund will make regional NSW the location of choice for investors, facilitating new private sector investment to activate the potential of priority precincts and industries.
Regional NSW boasts a highly skilled workforce and is a recognised leader in economic and export sectors including advanced manufacturing, agri-food, defence, clean energy, medical technology and knowledge services.
Grant amount: From $2,000,000 to $20,000,000
Application EOI closes: 14 November 2022, 5:00 pm
The $110 million Regional Investment Activation Fund (RIAF) will co-invest with eligible entities on catalytic projects that will deliver significant economic, social and/or environmental benefits for a priority industry or location.
The objectives of the grant are to:
Support the growth of existing industries and the establishment of new/emerging industries where regional NSW has a strong actual or potential competitive advantage
Activate the economic potential of Special Activation Precincts, Regional Job Precincts, Renewable Energy Zones, hydrogen hubs and other priority locations through increased private sector investment
Create new high-quality employment opportunities
Support the shift towards higher-value-added activities and participation in global value chains and supply chains
Promote collaboration between businesses, education and research institutions and other parties through sharing of knowledge, resources and infrastructure.
Stream One is an open, competitive grants program with a two-stage application and assessment process (Expression of Interest followed by Detailed Application). Eligible applications will be assessed on their comparative merits against the nominated eligibility and assessment criteria.
The Fund is open to applicants across Australia and around the world interested in expanding or setting up their business in regional NSW.
To be eligible for funding through Stream One of the Regional Investment Activation Fund, projects must:
Be located in one of the 93 regional NSW local government areas, the Unincorporated Far West or Lord Howe Island. Projects located in Greater Sydney (including the Blue Mountains, Hawkesbury and Wollondilly), Newcastle or Wollongong Local Government Areas are not eligible
Demonstrate the project would not occur in regional NSW at all, or in the same timeframe, without government investment support
Be delivered by 30 May 2025. It is recommended applicants have a COVID plan in place to mitigate any potential delays due to COVID-19
Deliver significant economic, social and/or environmental benefits for an industry or region
Deliver economic benefits to multiple organisations or businesses
Be registered for GST
Provide proof of $20M of public liability insurance at the time of contracting
Secure approvals to meet project timeframes
Confirm secured cash co-contribution.
Please refer to the Stream One Program Guidelines for further information about eligible projects, including examples of ineligible projects.
What funding can be used for
Stream One of the Regional Investment Activation Fund grant funding may be used for capital and other expenses directly related to the delivery of eligible projects. This may include:
Purchase of land (if necessary for the project and suitable alternatives to rent do not exist)
Purchasing, constructing, installing and/or commissioning new plant, equipment and/or machinery
Purchasing, constructing, establishing and/or fitting out new facilities, buildings or hubs
Purchasing technology and/or intellectual property (IP) required to undertake the project
Upgrading existing facilities, buildings, plant, equipment, machinery and/or technology where necessary, to deliver the project and achieve its outcomes
Cost of contractors to construct new buildings and facilities
Costs relating to activities that directly contribute to, or enable knowledge sharing (i.e. reports, database development)
External project management and administration costs up to 10% of project cost
Contingency costs up to 25% of project cost
Eligible costs incurred once both parties have signed a Funding Deed.
This grant is administered by the Department of Regional NSW.
Haines Consulting Group is a management consultancy firm specialising in business strategy, growth, government grants and new venture developments. If you need any assistance with a Grant submission please contact us now for a confidential conversation.