$50 Million Manufacturing Modernisation Fund Now Open
The Department of Industry, Innovation and Science have recently opened the Manufacturing Modernisation Fund to support Small and Medium sized enterprises (SMEs) with a capital contribution to invest into efficient and transformative manufacturing processes, boost the growth of jobs and promote a more highly skilled workforce in the manufacturing sector.
The program supports manufacturers to modernise, adopt new technologies, become more productive and create more jobs by co-funding capital investments and associated reskilling. Modernisation can include technology upgrades, efficiency upgrades – such as energy or process optimisation – or more transformative changes to your business, which will allow you to produce new products or diversify into new markets.
Funding is available in two streams:
1. Small Grants
- To support technology and efficient improvements
- Between $50k and $100k
- Can make up to 50% of eligible project costs
2. Large Grants
- To support transformative investments in technologies and processes
- Between $100k and $1 million
- Can make up to 25% of eligible project costs
Eligible applicants must:
- Be an entity incorporated in Australia;
- Be a trading corporation, where trading activities are the primary operation of the business;
- Be a manufacturing Small to Medium Enterprise with fewer than 200 employees
- Provide evidence that the project is supported and the co-contribution can be funded and
- Clearly identify the level of job creation expected from your project.
Applications for this grant are currently open and will remain open until 5pm AEST on 31 October 2019. Applications must include a project plan, project budget, demonstrate employment and evidence of support from the board, CEO or equivalent. If you are successful, you will be expected to be able to commence your project around December 2019, and complete within a 2-year period.
For more information please view the fund guidelines . For assistance in considering your project suitability and in submitting your application and supporting documentation please contact your usual Mazars advisor or alternatively our Grant specialist, Angela Winton, on +61 7 3218 3900.
+61 7 3218 3900
+61 3 9252 0800
+61 2 9922 1166
Published: 13 September 2019
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.
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