The Business Competitiveness Program, designed to assist Victorian-based businesses and startups, will be closing 11.59pm on Sunday 20 June 2021. The program is a part of a $60 million manufacturing and industry development plan, helping Victorian manufacturers to implement new technologies and processes. It will also assist in creating sustainable jobs, increase industry competitiveness and strengthen local supply chains in sectors including food manufacturing and medtech.
The Grant
The program provides grants of up to 33% of eligible project expenditure allocated on a competitive basis. The maximum grant amount is $500,000 and the minimum grant amount is $50,000. The grants will go toward the commissioning and purchasing of capital equipment and manufacturing product and process improvements.
Eligibility
The Business Competitiveness Program is open to startups and small and medium sized businesses looking to scale their venture. To be eligible for the program you must fall under the following criteria:
- Be based in Victoria
- Hold an Australian Business Number (ABN)
- Employ a minimum of 20 full time equivalent staff members or demonstrate why your project will stimulate job creation. Preference will be given to startups, small or medium-sized businesses that employ less than 200 people.
- Agree to meet co-contribution requirements with eligible cash expenditure.
If you are unsure whether or not you qualify, you can consult a commercial lawyer.
The Application Process
Startups applying for the Business Competitive Program will need to provide a project plan, inclusive of quotes from service providers to support their cost estimates. Subsequent documentation must include financial statements and projections, as well as evidence that your startup will stimulate job growth.
We recommend consulting a grant specialist to assist in obtaining the required documents. A grant specialist may also help to maximise the level of funding available to you. Applications for the first round are now open. There will be a second round opening between August and September 2021.
You can apply for the program by selecting the link.
Need help?
At Allied Legal we connect startups to grant and funding opportunities and assist them throughout the process. If you need help locating or applying for a grant, give us a call on 03 8691 3111 or send us an email at hello@alliedlegal.com.au.
