The Manufacturing Modernisation fund is a great new initiative by the Australian Government aimed at increasing productivity and creating jobs in the manufacturing industry. With grants ranging from $50,000 to $1,000,000 this fund can be a great way to not only grow your business, but also grow our economy. The government will be looking to fund businesses that are making capital investments and associated re-skilling to modernise manufacturing processes, adopt new technologies, become more productive and create jobs.
The program will run over 3 years and will be delivered through two streams of funding:
An estimated $20 million for matched grants of between $50,000 to $100,000 for small scale technology and efficiency investments
An estimated $30 million for larger grants between $100,000 to $1 million, on a three to one funding basis, to support transformative investments in technologies and processes
The maximum grant period is 2 years.
Eligible activities may include:
Buying, constructing, installing or commissioning of manufacturing plant, equipment or software
Relevant training and skills development to assist you to integrate the new technology into your business, including up-skilling and accreditation in advanced processes.
Process design and engineering directly related to your capital investment
Fit-out, alterations and/or extensions to buildings directly related to your capital investment
Applications must meet the following
Be an incorporated manufacturing small and medium-sized enterprises (SMEs) with up to 199 employees (headcount).
Clearly identifies the level of job creation expected from your project.
Provide evidence from your board (or MD, CEO if there is no board) that the project is supported, and that you can complete the project and meet the costs of the project not covered by grant funding.
The deadline to apply is the 31st of October 2019.
If you need help with an application or want to know more, get in contact with us today by emailing info@hainesconsultinggroup.com.au or giving us a call on +61 487 111 626.