Are you considering undertaking a project in Northern Australia? With the announcement of the Northern Australia Development Program (NADP) set to launch in early November, now is the time to put your business plans into motion.
Last week, the Minister for Agriculture and Northern Australia, David Littleproud announced grant funding will be available under the new Northern Australia Development Program (NADP). Offering $111.9 million to boost growth and diversification of Northern Australia Businesses, the program seeks to enhance the investment attractiveness of the North through growing existing, emerging and new industries.
Open to small to medium businesses, including Indigenous businesses, the NADP will cover up to 50 per cent of the total cost of individual projects, offering funding through two grant streams:
Will target small to medium corporations with business expansion and diversification grants of between $50,000 and $2 million.
Will aim to grow an existing industry or establish a new industry, offering grants between $50,000 and $10 million.
The program will involve specialised business advisory services to assist in strategically facilitating business growth.
Whilst further eligibility details are yet to be announced, eligible activities will include the purchase of new capital expenditure investments such as construction of infrastructure or assets, as well as business planning and feasibility studies.
Applications for Round 1 are expected to open in early November, with grants awarded in February of 2022.
Further information about the Northern Australia Development Program can be viewed on the Australian Government Program website.
To start a conversation and gain support to submit a compelling and competitive application, please contact your usual Mazars Advisor or alternatively, our financial advisory specialist Angela Winton via the form below.
Author: Holly Willmore
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