NSW funding options for high-growth SMEs in Regional areas
New Competitive Grant – Regional Solutions
Expressions of Interest are being called for from high-growth companies in regional NSW for a new Regional Solutions competitive grant programme as well as for existing Jobs for NSW programmes. A minimum of $57 million, of the $190 million Jobs for NSW funding is for support of regional jobs growth and regional development in the following areas:- Far West; Orana; Northern Inland; Northern Rivers; Mid North Coast; Hunter, Central Coast; Central West; Murray; Riverina; Illawarra Southern Inland and Far South Coast.
N.B. Wollongong and Newcastle are not regarded as regional.
Regional Solutions is a new competitive, performance-based, grant with a round one budget of $4m which has been added to Jobs for NSW programmes, solely for companies in regional NSW. This is a 50/50 co-payment programme with staged funding tied to job creation milestones. Maximum and minimum grant or project costs have not been specified for Regional Solutions first round. Your company will need to demonstrate that your project requires NSW government funding in order to proceed.
- Expressions of interest (EOI) can be lodged for any or all of the programmes up until 9th December 2016 at www.jobsfornsw.com.au/how-we-help/support-for-the-regions
- EOI applicants will be contacted by 16th December. They may receive an invitation to complete a full application for a Regional Solutions grant or may be directed to another grant or loan offering from Jobs for NSW for which they are eligible.
Full applications for Regional Solutions grants will be open until from 17th December 2016 to 10th February 2017 with funds being made available around the end of April 2017.
Applicants for Regional Solutions must have a project, i.e. development of a commercial product, process or service which has defined outcomes, a planned timeframe, key milestones and a budget. Applicants must also be in a position to create a minimum of the equivalent of 10 full time jobs in regional NSW within two years of project start.
Eligible companies must also:
- have an ABN number
- be registered in and have a main business located in Australia with job creation (10 jobs in two years) occurring in a NSW regional area as a result of their project
- be a commercial enterprise (i.e not a charity or not-for-profit nor a tax exempt organisation)
- have been operating for a minimum of one year
- be prepared to declare all existing loans, debts and securities
- be solvent, not be under criminal investigation nor have a history of bankruptcy or adverse findings against company or company directors
- be up to date with their statutory requirements and
- have a project which will not be commencing or funded by your company until your application is approved
Summary of support available from Jobs for NSW:
|Product||Eligible Businesses||Support available|
|Regional Solutions||New or existing SMEs seeking to accelerate their business growth by adding at least 10 jobs in regional NSW, independent of growth history and current revenue, providing the business has operated for at least one year. Demonstrated need for funding.||Financial support (capped at 50% of project costs). A minimum of 10 new Full Time Equivalent jobs in regional NSW over two years must result from your project. No minimum or maximum grants amounts specified for round 1.|
|Minimum Viable Product||Promising start-ups in mentored co-working spaces, incubators or accelerators or established businesses.||Up to 50% in matched funds capped at $25k as a grant to enable start-ups and small businesses to obtain customer feedback on products at minimum viable product stage of development.|
|Building Partnerships||Growing start-ups or established businesses with a business model that have identified business partners.||Up to 35% in matched funds capped at $100k as a grant to enable small businesses to expand their customer base through building partnerships. Lead company, product piloting company and partner company consortia apply.|
|Accelerating Growth Loans||Fast growth small to medium enterprises (SMEs) with a minimum annual revenue of $500,000 and 5 staff. Entities need to show at least a 20% growth year on year in jobs and/or revenue over last 3 years.||Short term concessional rate loans to support investment in rapidly growing the business. Loans from $100,000 up to $300,000 over 6 months to 3 years tied to job growth milestones. The first (pilot) round of this programme has closed with a revised criteria 2nd round expected early in 2017.|
|Gazelle Loan Guarantees||Gazelle companies with annual revenue of $3m – $150m and a minimum of 10 employees, that are unable to access sufficient finance from commercial lenders to accelerate their expansion. Entities need to show at least a 20% growth year on year in jobs and/or revenue over last three years.||Loan guarantee support to assist in accessing funds from financial institutions to finance expansion plans. Loan guarantee up to 50% of loan value capped at $5 million|
Are you a high growth SME in a regional area?
Contact us today for a consultation
Contact us today for a consultation
Ryan can assist with services such as:
- Scope your potential to claim various grant programs
- Assist with the preparation and lodgement of grant applications
- Review or provide a health check on your internally prepared grant applications
- Establish record-keeping practices as required under various grant programs
- Provide prepayment loans against future cash refunds under the R&D Tax Incentive
- Keeping industry informed on all new Government policy and grant initiatives
Don’t hesitate to give us a call.