Most of the manufacturing grants in NSW are programs aimed at encouraging start-ups, rapidly growing businesses, businesses in regional NSW and businesses developing innovative products and services. In this article, we will discuss some of these grants provided by the government of NSW for manufacturing businesses along with their eligibility criteria.
Loan Guarantee NSW
One more state funded program aims at funding businesses that have an excellent growth potential by providing them with loans to speed-up their operations. This program focuses to help high-potential businesses attract the necessary funds to start their operations thus creating more job opportunities within the state. It is available on an ongoing basis.
To be able to apply for this program, an applicant must:
- Be a fast-growing SME
- Have an ABN
- Have a minimum of 5 full-time employees
- Be creating at least 30 new full-time jobs within the state offering the assistance
- Be able demonstrate a revenue of $3 million
- Be unable to secure sufficient funds from the lender
Jobs for NSW
Another grant offered by the government of NSW aims at supporting start-ups and emerging SMEs that are growing at a faster pace. The main goal behind this program is to accelerate their growth and create more jobs for the residents of NSW. A total funding pool of $190 million is available for 4 years (until 2020) under this grant. The amount that can be claimed depends on the category the applicant belongs to. Under this grant, the applicant also has to co-contribute.
NSW industries in the following sectors can apply for financial assistance under this program.
Manufacturing, creative, digital innovation, environment, finance, food, infrastructure, education (international), life sciences, tourism and regional HQs.
Manufacturing Efficiency Funding
NSW provides local manufacturing businesses with a matching fund of up to $120,000 to help them become energy efficient and improve the quality of their manufacturing process. To be able to apply for this grant, businesses must:
- have an ABN
- be located in the state providing the grant
- be registered for GST
The main aim of this grant is to support businesses that are looking for innovative ways to save energy by using energy-efficient equipment, conducting energy audits and at the same time being more productive. For this grant funds are divided into three offers
- offer 1 – Process optimization (matching fund up to $50,000)
- offer 2a – installing or upgrading energy-efficient equipment (matching fund up to $30,000)
- offer 2b – Complex projects intended towards improving the energy efficiency of the plant (matching fund up to $70,000)
Applicants may apply for Offer 1 and for any of the 2a and 2b for a matching fund of up to $120,000.
When addressing the availability of manufacturing grants, it has become evident there are over 150 different government schemes and grant programs aimed specifically at helping manufacturing businesses in Australia. To obtain further information on any of these assistance programs, speak to one of our advisors at the number mentioned below.