Victorian businesses can now apply for targeted grant support to expand their operations and expand competitiveness through the Victorian Government’s $60 million Manufacturing and Industry Development Fund.
The fund’s first key initiative, the Business Competitiveness Program, offers grants of up to $500,000 to support projects which help businesses to grow and create new jobs.
Grants can cover up to one-third of eligible costs for projects including the purchase and commissioning of capital equipment, manufacturing product and process improvements, and supply chain capability development.
The Business Competitiveness Program is designed to help Victorian manufacturing businesses that are on a growth trajectory and need support to expand their operations, as the state’s economy continues to recover from the impact of COVID-19.
By helping growing businesses to implement new manufacturing tech and processes, the program will support the creation of hundreds of new local jobs and boost the competitiveness of Victorian businesses in key industries like medtech and food manufacturing.
The Business Competitiveness Program will also help to secure Victoria’s manufacturing capability by improving productivity and strengthening local supply chains.
A second initiative under the fund will also open in the coming months. The Industry Investment Readiness Program will target growing businesses across key sectors including advanced manufacturing and digital tech.
The program will provide grant support to businesses that need assistance to become investor ready, helping them to capitalise on new investment opportunities and generate ongoing job growth.
Through initiatives like these, the Victorian Government is backing businesses to continue to lead the nation in manufacturing innovation and capability development.