The federal government backed lender, Queensland Rural Industry Development Authority (QRIDA), have launched their North Queensland Economic Diversification Grants to projects that broaden and diversify economic opportunities in areas impacted by the 2019 North Queensland Monsoon Trough.
Co-contribution grants of between $10,000 and $500,000 are available to projects in both agricultural and non-agricultural sectors that diversify existing industries, start new ones and lead to more jobs.
You may be eligible for this grant if you or the business originates in Central - Far North Queensland region, from as far south as Whitsunday Regional Council west to Burke and north to Carpentaria Shire Council.
The grant is designed to achieve the following outcomes in the eligible regions:
- Diversification of economic activity;
- Increased employment opportunities;
- Increased opportunity to transfer skills across sectors; and
- Support the economy in the eligible area to become more flexible and adaptable to shocks.
Grant funding may be used for activities including:
- Capital expenditure on building or plant and equipment for the exclusive use of the project;
- New or used plant and equipment for the exclusive use of the project;
- Consumables used for the project;
- Significant refurbishment of accommodation; and/or
- Salary and on-costs for staff and professionals when working solely on activities for the funded project.
The grant funding will form a co-contribution for a project that can either relate to agriculture and agricultural value chains or not relate to agriculture but must demonstrate some or all the merit criteria which include:
- Grow an emerging industry;
- Expand a small-scale industry;
- Intensify and add value to an existing industry and its supply chain;
- Increase diversification in employment; and/or
- Increase transferability of skills in the workplace.
This is a competitive program and successful applicants should be able to:
- Demonstrate suitable experience or qualifications to complete the project;
- Address prerequisites for the project to be delivered (such as planning approvals);
- Demonstrate the long term viability of the project, including access to finance, financial capability to complete the project, have contingency for cost over runs etc; and
- Demonstrate potential risks of the project have been addressed.
Applications will require supporting documents commensurate with the size, scope and nature of the project, including:
- Financial statements for the past two financial years;
- A project plan including details of:
- How the project will provide public benefit;
- Project scope, implementation methodology, timeframes, proposed co-contribution and costings;
- Risks and mitigation strategies including risks associated with project delivery and ongoing management;
- Relevant approvals associated with the project;
- The proposed procurement process for major items; and
- Evidence to demonstrate capability and capacity to deliver the project.
The application is a two stage process:
- Expressions of interest (Opened 1 February 2021 and closes on 19 March 2021);
- Expression of interest outcomes advised by 16 April 2021; and
- Full application lodgement (closes on 12 July 2021).
Further information on the application process and eligibility criteria can be found here: https://www.qrida.qld.gov.au/program/north-queensland-economic-diversification-grants.
For assistance considering your suitability and in submitting your application and supporting documentation please contact your usual Mazars advisor or alternatively our Qld Grant specialists Angela Winton or Owen Dingle on +61 7 3218 3900 or via the form below.
All rights reserved. This publication in whole or in part may not be reproduced, distributed or used in any manner whatsoever without the express prior and written consent of the Mazars, except for the use of brief quotations in the press, in social media or in another communication tool, as long as Mazars and the source of the publication are duly mentioned. In all cases, Mazars’ intellectual property rights are protected and the Mazars Group shall not be liable for any use of this publication by third parties, either with or without Mazars’ prior authorisation. Also please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice. Content is accurate as at the date published.