A new fund created by the State Government of South Australia – the $1.7 million South Australian Micro Finance Fund (SAMFF) that will offer grants of up to $50,000 – will allow entrepreneurs to develop their ideas into high-value businesses.
The SAMFF is funded through the State Government’s $60 million Our Jobs Plan and is open to local, national, and overseas entrepreneurs.
“The aim of the Fund is to make South Australia more globally competitive by building our innovation capabilities. The grants will enable businesses to take a new idea through to production and sales, and therefore generate exports and growth. The Micro Finance Fund also delivers on a key recommendation of the Adelaide Entrepreneurial Forum, which was established in 2013 to review a range of issues concerning entrepreneurs including access to finance,” said Manufacturing and Innovation Minister Kyam Maher in a news release.
The fund is intended to help the State Government of SA to achieve one of its economic priorities – “Growth through Innovation”.
Recipients of a SAMFF grant can use the money on prototype development, technology feasibility testing, market research, marketing activities, filing provision patent applications, and developing intellectual property strategies.
The SAMFF offers 2:1 funding of up to $50,000 (i.e. the applicant can receive two dollars of SAMFF funding for every one dollar raised itself).
To be eligible, applicants must have: evidence of matching funding; a letter from a business leader agreeing to mentor the business, including the intended time frame of mentorship; a turnover of no more than $500,000 per annum (GST exclusive); the ability to enter into a legally binding funding agreement with the South Australian Government.
Further, all intellectual property created, developed and commercialised through the funded project must occur in SA.
For more detailed information, please go to: www.statedevelopment.sa.gov.au/mff