Deadline: 14-Nov-22
The New South Wales Government is inviting applications for Regional Investment Activation Fund – Stream One, to deliver sustainable employment opportunities, activate new industries, promote cluster development, and drive increased productivity, innovation and competitiveness of businesses in regional NSW.
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.
Objectives
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.
Funding Information
- The minimum grant amount per application is $2 million.
- The maximum grant amount per application is $20 million.
- All grants are GST exclusive. GST will be applied on top of the agreed grant value when payment is made.
Eligible Projects
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).
- 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.
Eligibility Criteria
To be eligible to apply for funding through Stream One of the Regional Investment Activation Fund, applicants must:
- Have an Australian Business Number (ABN).
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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.
Joint applications are strongly encouraged, provided the lead applicant satisfies the eligibility criteria. The lead applicant must enter into the Funding Deed and will be held ultimately responsible for the delivery of the project.
Applicants can be based internationally, interstate or in either metropolitan or regional NSW. International businesses will need an ABN, be registered for GST, have at least $20 million in public liability insurance and be an eligible entity (as listed above), to enter into a funding deed if they are successful.
For more information, visit NSW Govt.
For more information, visit https://www.nsw.gov.au/grants-and-funding/regional-investment-activation-fund-stream-one