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NSW Regional Investment Activation Fund – Stream One & Two

NSW Regional Investment Activation Fund

Round 1 | Stream One & Two

Newsletter | October 5, 2022


 

The $110 million Regional Investment Activation Fund (RIAF) will co-invest with eligible entities on catalytic projects that will deliver significant economic, social and/or environmental benefits for a priority industry or location.

 

Stream 1

This grant will deliver sustainable employment opportunities, activate new industries, promote cluster development, and drive increased productivity, innovation and competitiveness of businesses in regional NSW.

The objectives of the grant are to:

  • Support the growth of existing industries and the establishment of new/emerging industries where regional NSW has a strong actual or potential competitive advantage
  • Activate the economic potential of Special Activation Precincts, Regional Job Precincts, Renewable Energy Zones, hydrogen hubs and other priority locations through increased private sector investment
  • Create new high quality employment opportunities
  • Support the shift towards higher-value-added activities and participation in global value chains and supply chains
  • Promote collaboration between businesses, education and research institutions and other parties through sharing of knowledge, resources and infrastructure.

Stream One is an open, competitive grants program with a two-stage application and assessment process (Expression of Interest followed by Detailed Application). Eligible applications will be assessed on their comparative merits against the nominated eligibility and assessment criteria.

 

Stream 2

The $110 million Regional Investment Activation Fund will co-invest with eligible entities on projects that will deliver, significant economic, social and/or environmental benefits for a priority industry or location.

The objectives of the grant are to:

  • Support the growth of existing industries and the establishment of new/emerging industries where regional NSW has a strong actual or potential competitive advantage
  • Activate the economic potential of Special Activation Precincts, Regional Job Precincts, Renewable Energy Zones, hydrogen hubs and other priority locations through increased private sector investment
  • Create new high quality employment opportunities
  • Support the shift towards higher-value-added activities and participation in global value chains and supply chains
  • Promote collaboration between businesses, education and research institutions and other parties through sharing of knowledge, resources and infrastructure.

Stream Two is an open, non-competitive grants program where applicants can contact the Department to apply for funding. This stream aims to provide increased flexibility to secure investments that are time sensitive and strategically significant for a priority industry or location.

 

KEY INDUSTRIES

Key industries can be categorised as engine industries, emerging engine industries, and enabling industries.

See REDS document for summary of key industries and regions eligible

 

FUNDING & TIMELINE

Stream 1
  • Grant amount: From $2 million to $20 million
  • Application opened: 5th October 2022
  • Application closes: 14th November 2022
  • Stream One is an open, competitive grants program with a two-stage application and assessment process (Expression of Interest followed by Detailed Application). Eligible applications will be assessed on their comparative merits against the nominated eligibility and assessment criteria.
Stream 2
  • Grant amount: From $1 million and $10 million
  • Application opened: 5th October 2022
  • Application closes: Ongoing – Until funds are exhausted or 31st December 2022
  • Stream Two is an open, non-competitive grants program where applicants can contact the Department to apply for funding. Applications will be assessed individually, without reference to the comparative merits of other applications. Stream Two aims to provide increased flexibility to secure investments that are time-sensitive and strategically significant for a priority industry or location.

 

WHO CAN APPLY?

To be eligible to apply for funding through Stream One of the Regional Investment Activation Fund, applicants must:

  • Have an Australian Business Number (ABN)
  • Be one of the following:
    • A company incorporated in Australia
    • A company limited by guarantee
    • An incorporated trustee on behalf of a trust
    • An incorporated association or co-operative
    • An Aboriginal and/or Torres Strait Islander Corporation registered under the Corporations (Aboriginal and /or Torres Strait Islander) Act 2006.
  • Be registered for GST
  • Be financially viable and able to demonstrate that they are likely to remain so over the duration of the project
  • Have at least $20 million public liability insurance or be able to secure before entering into a Funding Deed if successful.

Applicants must provide a cash co-contribution of at least 50 per cent of the total project cost.

 

ELIGIBLE PROJECTS: STREAM 1 & 2

To be eligible for funding through Stream One of the Regional Investment Activation Fund, projects must:

  • Be located in one of the 93 regional NSW local government areas, the Unincorporated Far West or Lord Howe Island. Projects located in Greater Sydney (including the Blue Mountains, Hawkesbury and Wollondilly), Newcastle or Wollongong Local Government Areas are not eligible
  • Demonstrate the project would not occur in regional NSW at all, or in the same timeframe, without government investment support
  • Be delivered by 30 May 2025. It is recommended applicants have a COVID plan in place to mitigate any potential delays due to COVID-19
  • Deliver significant economic, social and/or environmental benefits for an industry or region
  • Deliver economic benefits to multiple organisations or businesses
  • Be registered for GST
  • Provide proof of $20M of public liability insurance at time of contracting
  • Secure approvals to meet project timeframes
  • Confirm secured cash co-contribution.

 

WHAT FUNDING CAN BE USED FOR

Stream One of the Regional Investment Activation Fund grant funding may be used for capital and other expenses directly related to the delivery of eligible projects. This may include:

  • Purchase of land (if necessary for the project and suitable alternatives to rent do not exist)
  • Purchasing, constructing, installing and/or commissioning new plant, equipment and/or machinery
  • Purchasing, constructing, establishing and/or fitting out new facilities, buildings or hubs
  • Purchasing technology and/or intellectual property (IP) required to undertake the project
  • Upgrading existing facilities, buildings, plant, equipment, machinery and/or technology where necessary, to deliver the project and achieve its outcomes
  • Cost of contractors to construct new buildings and facilities
  • Costs relating to activities that directly contribute to, or enable knowledge sharing (i.e. reports, database development) – STREAM 1 ONLY
  • External project management and administration costs up to 10% of project cost
  • Contingency costs up to 25% of project cost
  • Eligible costs incurred once both parties have signed a Funding Deed.

 

Click HERE for more information, including:

  • Further Stream 1 and Stream 2 details
  • Resources
  • Online Industry briefing details
  • Support

 

For tips on lodging the NSW Regional Investment Activation Fund
Give us a call or schedule an assessment


 
 

Services
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 or schedule a free assessment.

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