Up to $50,000 is available from Boost Your Business Voucher Program to help businesses to increase profitability, become more productive and employ more people.
Boost Your Business Voucher Program
The Andrew’s Government has established the Boost Your Business Voucher Program to support Victorian
businesses to become more productive, employ more people, improve market access and in general, increase their scale, diversity and profitability.
The Boost Your Business Voucher Program helps Victorian businesses through the funding of Voucher Streams targeted at particular Victorian Government policies and strategies. For details on the current Voucher Streams, including stream activities and bespoke eligibility requirements and funding conditions, please refer to the Appendices of the Program Guidelines. Further information on all Voucher Service activities is listed in Section 2.
The terms and conditions that are described in the Program Guidelines shall apply to all Voucher Streams unless otherwise varied within the Appendices pertaining to a specific Voucher Stream. The Department of Economic Development, Jobs, Transport & Resources reserves the right to amend the Voucher Streams as required.
Vouchers are used by Victorian businesses or organisations in exchange for services that will build their capabilities in three main areas:
- Market Engagement – services to assist companies and organisations to identify and secure international market development and export opportunities.
- Innovation – services to assist companies to develop or commercialise new products and improve process innovation.
- Business Capability – services to assist companies to position them to support future growth.
The three overarching objectives of the Boost Your Business Voucher Program are to:
- Increase the number of Victorian businesses entering new export markets and securing supply chain opportunities;
- Increase the number of Victorian businesses developing and commercialising new products and services through research and development and generating improved productivity through process innovation;
- Improve the capability of Victorian businesses to accelerate growth and realise new opportunities.
In the longer-term, the Boost Your Business Voucher Program will help grow the Victorian economy by
supporting the following outcomes:
- Victorian businesses are inventive, responsive and diverse, with increased levels of business innovation and business diversification;
- Victoria creates and diffuses knowledge through research, collaboration and commercialisation, leading to increased R&D spending and economic return from research and innovation;
- Victoria is a desired source of exports and a destination for foreign investment;
- Victoria’s business environment is competitive and provides confidence, including through increased market access;
- Victorians are adaptive, knowledgeable and entrepreneurial, leading to increased knowledge and skills and extended entrepreneurship.
Each Voucher Recipient may be able to receive up to:
- $50,000 under the Advanced Victorian Manufacturing Stream
- $50,000 under the Asia Gateway Stream
- $50,000 under the Defence, Aerospace and Security Stream
- $50,000* under the Food Innovation Stream
- *Up to $10,000 for early stage feasibility and testing vouchers
- $25,000 under the Social Enterprise Capability Stream
- $50,000 under the Victoria Israel Innovation Stream
Eligible project expenditure for Voucher funding includes project-related non-capitalised expenditure required to deliver the project and project-related costs of the Service Providers. Applicants will need to meet the cost of any additional and ineligible expenditure that are outside the scope of the Voucher Project.
Applicants must meet the following criteria to be eligible for assistance under the program:
- be a business registered in Victoria with an Australian Business Number (ABN);
- meet any co-contribution requirements with eligible cash expenditure;
- be a legal entity;
- meet all industrial relations obligations as an employer in accordance with the National Employment Standards;
- have an operating presence in Victoria;
- mploy between 20-200 staff or have an annual turnover of greater than $1.5 million (preference will be given to Applicants that employ less than 200 people)*;
- Conduct the majority of proposed activities in Victoria in partnership with an approved Service Provider; and
- Agree to participate in future program evaluation activity.
Applications close 13 July 2018.
More Victorian businesses will be able to access vital support to create jobs and enhance growth with applications for the second round of the Andrews Labor Government’s successful Boost Your Business vouchers now open.
The first round attracted significant interest and provided funding of more than $3 million to support over 100 businesses across Victoria.
Under Boost Your Business, vouchers are awarded to eligible businesses in streams covering Advanced Manufacturing, Asia Gateway, Food Innovation and Social Enterprise Capability.
For the second round, two additional streams – Defence, Aerospace and Security and Victoria-Israel Innovation – have been included as part of the program.
The vouchers provide funding for businesses to partner with industry experts, including the CSIRO and leading university research centres – to help them develop new products, improve business processes and systems, identify new export markets, undertake research and development and gain certification.
Businesses can receive vouchers up to a maximum value of $25,000 or $50,000 depending on the stream with applications closing on 13 July.
One of the successful companies to receive a voucher in round one was the Milawa Cheese Company – who will be able to improve their business systems and operations to increase the scale of cheese production.
For more information, visit business.vic.gov.au/boost-your-business