Victorian manufacturers can now apply for grants of up to $500,000 to support and expand their operations, under a $20 million initiative designed to boost competitiveness and drive new jobs.
The funding will be awarded under the Business Competitiveness Program – a key plank of the Victorian Government’s $60 million Manufacturing and Industry Development Fund, which was launched Monday by Minister for Industry Support and Recovery Martin Pakula.
The grants will cover up to one-third of eligible project costs and can go towards the purchase and commissioning of capital equipment, manufacturing product and process improvements and supply chain capability development.
Making the announcement, Minister Pakula said the program will help secure Victoria’s sovereign manufacturing capability by improving productivity, creating sustainable local jobs, increasing industry competitiveness and strengthening local supply chains in key sectors including medtech and food manufacturing.
“Victoria is the manufacturing state. At the core of our strength are businesses that continually innovate and lead the way in their industries,” the Minister continued.
“We’re backing businesses to keep ahead of the pack because we know that it means more jobs for Victorians and an even stronger future for the sector.”
According to the Government’s statement, a second program will be launched under the Manufacturing and Industry Development Fund in the coming months.
For more information about the Business Competitiveness Program, go to business.vic.gov.au/midf.