Announced during the last federal election, the Manufacturing Modernisation Fund is intended to support Australian manufacturers by co-funding capital investments and the associated re-skilling. Funding can be used for:
- Technology upgrades
- Efficiency upgrades, such as process optimisation
- Transformative changes within the business that would allow for the production of new products or to expand into new markets.
The fund is made up of $50 million from the Australian Government and a further $110 million from industry. It runs over a 3-year period to help support investment in manufacturing processes. To be considered for this fund, you must be a small to medium-sized manufacturing enterprise with no more than 199 employees.
Grant applications can be time consuming, which is why it’s important to know where to start before you begin drafting. Give yourself adequate time to compile everything needed and to complete the application before the closing date. Refer to the eligibility criteria before you begin working on a grant application to make sure you meet the requirements.
Keep in mind each grant may have different eligibility criteria, so check to make sure you aren’t wasting time on an application that isn’t relevant to your business. If you are unsure whether you meet the criteria, get in touch with the contact person for the funding provider. Spending a few minutes clarifying details with them is much more valuable than wasting hours on an application you’re ineligible for.
For more information visit: Grants and assistance programs
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