The Australian Government has announced a new competitive grant program for the manufacturing sector.
The Manufacturing Modernisation Fund will provide grants of between $50,000 and $1m to 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.
The program has a $50m funding pool over 3 years and will be delivered through two streams of funding:
- $20 million in co-funded matching grants (50/50) of between $50,000 to $100,000 for
small scale technology and efficiency investments and;
- $30 million for larger grants between $100,000 to $1 million which will fund 25% of total project costs to support transformative investments in technologies and processes.
The closing date for the 1st round of applications closes at 5pm on the 31st October, 2019
Round 2 successful applicants will be announced end of March 2020
Round 2 – Applications are expected to open in early April with a end of May lodgement deadline.
For 29 years, TCF Services continue to provide expert R&D Tax Incentive and other Government grants assistance for businesses across all industries.
For more details on the Manufacturers Modernisation Fund and how TCF Services can assist, please don’t hesitate to contact us.