Eligible businesses can now apply for grants of between $150,000 to $1 million, or loans from $1 million to $5 million to support manufacturing innovation and regional tourism infrastructure development.
The grants announced yesterday, totalling $20 million come as the first part of a $122 million economic recovery fund (ERF) developed by the Department of Treasury and Finance.
Both grants and loans are limited to up to 30% of the overall project cost.
Successful businesses who apply for the grants will need to demonstrate the project will have a wider economic benefit, such as creating ongoing jobs, upskilling an existing workforce, improving productivity, access to new markets or introducing new products, services, and technologies.
Manufacturers should consider applying if their business demonstrates advanced manufacturing knowledge, capabilities, processes and business models or the potential to become an advanced manufacturer with the proposed project to be funded.
The Regional Tourism funding stream is dedicated to eligible infrastructure projects, with the government highlighting accommodation or expansion builds and infrastructure to enhance visitor engagement as their top recommendations.
This is the first of several targeted rounds specifically calibrated to assist businesses and industries in growing jobs, improving productivity, and introducing innovative technologies, products, or services in South Australia.
South Australian Treasurer Stephen Mullighan says the fund will help local businesses and organisations to grow, diversify and transform.
“It means more jobs and a stronger economy,” he said.
“An advanced manufacturing sector is vital for a smart, sustainable and inclusive future while investing in our regions will only strengthen our visitor economy”.
Emma Terry, CEO of the South Australian Tourism Commission says, “This funding provides a great opportunity for regional operators looking to invest in infrastructure projects”.
The $122 million ERF was established in the 2022 – 23 Budget and is being deployed now to support business growth as national and global economic conditions soften.
Applications for the first round close on 15 December 2023.
Further information on the ERF, including guidelines for Round 1 can be found here.
