Written by Nicola Brazier of YBM
Businesses in the Central West are perfectly located to explore new funding available for job-creating projects. The Regional Job Creation Fund offers significant co-funding for projects that create at least five sustainable, regional jobs. As usual, there are a number of eligibility criteria but funding up to $10,000,000 is available so keep reading!
- Must have an ABN;
- Must be registered for GST;
- Must be financially viable;
- Most business structure types will be eligible, or at least considered. Government agencies and unincorporated associations are ineligible;
- Must have a minimum of $20 million public liability insurance;
- Most importantly, applicants must be operating in an ‘engine’ industry, enabling industry or emerging engine industry.
New South Wales’ ‘engine’ industries have been defined as part of the 20-Year Economic Vision for Regional NSW. Often these industries reflect the region’s competitive advantages and may even be the reason certain towns exist. Importantly, these industries employ a larger share of the workforce.
NSW engine industries consist of Agribusiness and Forestry, Resources and Mining, Tourism, Tertiary Education, Health and Residential Care, Freight and Logistics, and Defense. Emerging industries include Advanced Manufacturing, Renewable Energy and Technology Enabled Primary Industries.
- Applications require a cash co-contribution of 50% of the total project cost, however in-kind contributions or co-contributions of less than 50% may be considered in extenuating circumstances;
- Minimum grant amount is $100,000;
- Maximum grant amount is $10,000,000;
- Grants are exclusive of GST.
- Must be based in regional NSW and exclude the Local Government Areas of Greater Sydney, Newcastle and Wollongong;
- Must create employment outcomes in regional NSW, creating at least five sustainable jobs;
- Include both the investment in plant and equipment, and expansion of infrastructure;
- Are unlikely to occur without government investment;
- Align with the NSW Government policies and strategies;
- Must be able to be completed by June 2022.
Get in touch
There are two stages of assessment, including a preliminary application stage and then a more detailed application stage for businesses invited to proceed. While the application process may seem daunting, there are many YBM clients that could benefit from such significant funding. In fact, this could be the perfect opportunity for business owners to re-visit any longer-term goals around expansion.
Applications are open until 14 May 2021, or until funds have been fully allocated. There is therefore some time to consider whether this is something you would like to further explore. Please get in touch if you would like more information about the funding, assistance with the application or advice as to whether a project is worth considering.