There are quite a few grants sponsored by the Federal and state governments for industrial transformation projects. The main focus of these grants is to support businesses that are looking to transform and grow by creating innovative products services. For such businesses, financial help is available to connect them with other entities such as research institutes and universities which can commercialise their innovative products and make them more competitive. In this article, we will discuss about some of the grants available for industrial transformation projects and their eligibility criteria.
One of the programs funded by the Federal government aims at SMEs, entrepreneurs and research organisations in food beverage or agribusiness sectors to find the right transformation solutions and finding ways to commercialise their products and services. Grants between $2,500 and $100,000 are available under this project. Co-contribution at 1:1 is needed. The program is available on an ongoing basis.
To be eligible applicants or SMEs must:
- Have an ABN/ACN
- Be operating for at least one year
- Be operating in food beverage or agribusiness sectors
- Not be university
- Not be government subsidiaries
Another grant funded by the Federal government aims at driving business growth and competitiveness by supporting them in targeted growth sectors and to commercialise their novel products, processes and services. A total funding pool of $526.4 million is available under this grant until 2020-2021. Co-contribution is required.
Under this grant, the industries are divided into four categories:
- Business Evolution: Business growth and transformation grants of up to $25,000 are available under this category.
- Innovative products and services: Under this category, applicants can claim up to $50,000 to seek expert advice and to form connections with research institutes and universities to commercialise, promote and sell their products/services.
- Financial assistance for incubators: Under this program, financial help is available to develop the innovation and to support the growth and development of innovative start-ups. Applicants can claim up to $500,000 under this grant.
Any industry operators on the lookout to transform and grow its competitiveness by producing innovative products and services are eligible. The program is open and is ongoing.
One more grant funded by the Federal government of Australia aims at encouraging industrial transformation projects by providing them with financial assistance for:
- Increasing collaboration to increase productivity and profits
- Improving market access to reach wide audience
- Improving workforce skills to enhance production capability
- Identifying marketing opportunities internationally and taking Australian products to abroad
A total funding pool of $238 million is available under this program. Co-contribution is required. The program is open and is ongoing.
Any entities in the below mentioned sectors are eligible to apply for this grant:
- Information Technology and Communication (ICT)
- Healthcare, Medical, Biotechnology and Nanotechnology
- Food and Beverage
- Energy and Renewable energy
Above mentioned are only some of the grants available for industrial transformation projects intended for their growth. To know more about such grants and their eligibility, please contact one of our advisors.