Victoria, the small but densely populated state in the southwest part of the country, contributes nearly 25% to the GDP of Australia. Government of Victoria acknowledges the role of entrepreneurs in this and provides large numbers of grants to business owners to boost the economic activities in the state.
Regional Jobs and Infrastructure
Referred to as RJIF, this is a fund set up by the Victorian government that focuses on the regional development. The five pronged approach of RJIF is
- To increase employment
- To enhance productivity to make Victorian products and services more competitive
- To make an atmosphere conducive for business growth
- To provide world class amenities to its citizens so as to retain and attract fresh talent
- To boost the productivity of the community through regional planning and skill development
The fund will have a total funding pool of $500 million. There are three components of RJIF with the first one being Regional Infrastructure Fund and the other being Regional Job Fund. There is also a third one which is called Stronger Regional Communities Program. To know the application and eligibility criteria for RJIF, please contact one of our advisors.
Regional Jobs Fund
As the name suggests, the major objective of RJF is to create new jobs while retaining the existing ones. This fund also aims to attract new investments for the state. There are 7 sectors of the economy that have been identified for giving a major boost to the economic growth of the state. These are as follows:
- Professional services
- Food and fiber
- Advanced manufacturing
- Healthcare, medical technology and life sciences
- Latest energy technologies
- Transport and construction industry
- International education
Businesses of Victoria involved with these 7 sectors can get financial assistance from the government of Victoria to grow and increase their operations. If you are applying for a grant under RJF, your must provide documents that demonstrate the ability of your project to address the core criterions of RJF. Your project should bring social and environmental benefits to Victoria and it should maximize value for the state. There should be obvious economic benefits to the state and the project should clearly align with the policies and objectives of the Victorian government. The program forms part of the $500 million Regional Jobs and Infrastructure Fund which will invest in growing jobs, building infrastructure and strengthening communities in regional Victoria.
- Businesses in the private sector
- Business associations and chambers of commerce
- Industry bodies
Applications under RJF are accepted throughout the year as it is an ongoing fund. The application is scrutinized by a RDV representative to make sure that the applicant fulfills eligibility requirements.
Funding the startup infrastructure through LaunchVic
LaunchVic is a startup agency founded by Victorian government in March 2016. This agency is entrusted with development of startup ecosystem in the state of Victoria. There are many funding programs run by LaunchVic for helping and assisting startups and investors in Victoria. These include courses, events, workshops, seminars, etc., that can be of great help to the startups. Maximum funding available under this grant is $250,000.
Activities for which this grant can be utilised are:
- Training or Employment
- Start-up or Establishment
To learn more about such grants and assistance programs, please speak to one of our advisors today.