Minister for Innovation, Services and Small Business Louise Asher today announced that small businesses will be eligible to apply for a grant under the second round of the Victorian Government’s Competitive Business Fund (CBF), which opened today.
Ms Asher said the Coalition Government was committed to supporting Victorian small businesses to grow and this initiative would make small businesses eligible for these grants for the first time.
“The grants help local businesses invest in new equipment, infrastructure, technology and product or process innovation to improve their competitiveness, productivity and export potential,” Ms Asher said.
The CBF provides two streams of assistance on a co-contribution basis:
- Enterprise – up to $250,000 for a project involving one company, to be matched by a minimum of $3 for every $1 granted; and
- Supply Chain – up to $500,000 for a collaborative project involving multiple companies, to be matched by a minimum of $2 for every $1 granted.
Funding can be used for investments that increase a company’s or supply chain’s productivity and competitiveness, including:
- purchase/upgrades of plant and equipment or technology
- upgrades to existing infrastructure
- improvement/enhancement of capabilities or skills
- adoption of new processes
- development of an innovative product, process or market that will generate broader benefits to the community
- mergers and acquisitions that will create sustainable, growth-oriented entities
- collaborative projects among multiple businesses that facilitate greater business growth, and
- demonstration projects where knowledge is shared across industry which leads to significant productivity improvement.
“By working in partnership with business to drive new investment these grants boost innovation, create high value jobs, increase productivity and exports, and strengthen Victoria’s economy,” Ms Asher said.
The online application form, guidelines, information about reporting requirements and case studies of successful projects already supported by the program are available from www.business.vic.gov.au/cbfund or by calling Business Victoria on 13 22 15. Applications close at 5pm AEST on Friday 8 April.