The Regional Growth Fund grants were released by the State Government of South Australia on the 2nd of July 2018. The grants purposes are to create new jobs and unlock economic activities in regional areas. The Government has set aside $150 million for this fund over a 10 year period ($15 million per year of 10 years).
The $15 million fund will be broken down into two separate funds:
- $5 million competitive pool
- $10 million strategic pool
For the competitive pool, funding will be preferenced to applicants providing at least $1 for $1 contribution to the project, with the funding to be available from $50,000 to a maximum of $2 million.
Preference will be given to projects that commence within 3 months of approval, with funds fully acquitted within 24 months of commencement.
The strategic pool funding is available for projects that can leverage additional funding from other State, Commonwealth and or local government or industry sources.
- Essential criteria for funding:
- Support for new economic activity that would not occur otherwise
- The activity can be sustained without further intervention by Government after the funding is provided
- The activity creates broader economic benefits for the community and multiple entities including entities not directly associated with the application
- The activity contributes to the scale of an industry or sector
- The application has a connection to, and has vested interest in a specific regional community
- The activity creates sustainable economic benefits to the state or region
- The activity reduces the cost of doing business
Desirable outcomes to an application would be a commitment to employing locally, local investment and local supplier inputs wherever possible.
Applications for this first round need to be submitted by 31 August 2018.
For further information you can visit the website at www.pir.sa.gov.au/regionalgrowthfundRegional Growth Fund FAQ