Up to $500,000 is available through the Future Industries Fund for companies to invest in new technologies to increase productivity.
Future Industries Fund Grant Consultant
Call 1300 658 508
Future Industries Manufacturing Program
The Future Industries Fund supports high growth, high value industries that are critical to securing Victoria’s future as a competitive, innovative and outward looking economy.
In November 2015, Bulletpoint assisted Harry & Larry’s Ice-cream secure $1,200,000. Based in Brunswick, Harry & Larry’s manufacture a range of specialty ice creams.
The grant will see 30 new jobs created and investment in a factory expansion with custom engineered production lines, including the latest freezing technology, to make a range of gourmet ice creams and desserts in complex shapes and layers.
In March 2014, Bulletpoint assisted Cottage Cheese Farm secure $765,000. Based in Glenroy, Victoria, Cottage Cheese Farm is a speciality cheese manufacturer making mainly Haloumi, Ricotta and Mozzarella cheeses.
They received funding to assist with construction of a $6M purpose built cheese and yoghurt manufacturing facility. The project will allow them to expand current operations and introduction of new product lines.
Bulletpoint has assisted a number of clients secure manufacturing grants. Check out more case studies.
The Victorian Government has identified six priority sectors for the Future Industries Fund that have potential for extraordinary economic growth and the capacity to create high-skill, high wage jobs. These include:
- medical technologies and pharmaceuticals
- new energy technologies
- food and fibre
- transport, defence and construction technologies
- international education
- professional services.
These priority sectors of the Future Industries Fund are underpinned by the government’s overarching economic development strategy which focuses on:
- Building more productive and liveable cities and regions through transport, infrastructure and land use planning.
- Gaining and maintaining competitive advantage through active industry and innovation policy.
- Improving conditions for business through taxation, efficient regulation and public sector reforms
- Better connecting Victoria to national and global markets by increasing targeted trade and investment attraction.
- Developing Victorians’ capabilities and fostering inclusion through skills and employment.
The total size of the Future Industries Fund is $200 M.
The Future Industries Fund provides grants of up to 25 per cent of eligible project expenditure, with a maximum grant of $500,000.
Projects with total eligible expenditure of less than $100,000 will not be considered for this program
The three different streams of the Future Industries Fund are:
- The Manufacturing Program – It aims to assist companies to implement new manufacturing technologies and processes that will provide a critical foundation for growth.
- The Sector Growth Program – This program is not yet open for applications. More information will be published soon.
- The New Energy Jobs Fund – It aims to support projects that create jobs and drive innovation in new energy technologies.
Future Industries Fund applications are sought from Victorian companies investing in their manufacturing operations that meet the program objectives. Companies in the future industry growth sectors can also apply.
The Future Industries Fund supports projects that will deliver on the program objectives by undertaking activities such as:
- The purchase and implementation of capital equipment (recorded as fixed assets in the applicant’s accounts)
- Manufacturing product and process improvements
- Prototyping, evaluation and testing of new manufacturing products and processes
- Supply chain capability development.
Applicants are required to demonstrate the need for government funding, including the likelihood of the project proceeding if the application is unsuccessful. Joint applications for the Future Industries Fund are acceptable, provided they have a lead applicant who is both the primary project proponent and an eligible applicant
Applicants must meet all the following criteria to be eligible for assistance under the Future Industries Manufacturing Program (FIMP):
- Have an Australian Company Number (ACN)
- Have an Australian Business Number (ABN)
- Be a Victorian-based business that is investing in its Victorian manufacturing operations
- Have the ability to meet the co-contribution requirement ($3 for every $1 granted)
- Provide financial reports for the last three financial years to enable the Department of Economic Development, Jobs, Transport and Resources (the Department) to conduct a financial risk assessment (FRA).
Writing a good quality grant application is a critical element in the application process. An application needs to be well thought through, written concisely, have clear objectives and purpose, and show clear links to the objectives of the grant guidelines.
The grant application must answer all questions, provide all required information and respond to the merit criteria. It should also reflect your organisation’s business strategy.
Writing a good application takes time and effort, and requires particular writing skills.
Bulletpoint are expert grant consultants and can assist with all aspects of grant preparation. We are an independent grants consultancy and not affiliated, associated, endorsed by any government agency.
Call 1300 658 508
Future Industries Fund Grant Consultant
- Future Industries Fund – Fact Sheet
- Future Industries Fund – Guidelines
- Future Industries Fund – FAQ
- Future Industries Fund – EOI
A Dandenong South based boat manufacturer will invest in new equipment, create 12 new jobs and increase its exports by over $1 million thanks the Andrews Labor Government.
Minister for Industry and Employment Wade Noonan and Member for Dandenong Gabrielle Williams visited Bar Crusher Boats in Dandenong South – the largest manufacturer of “plate” aluminium trailer boats in Australia – to announce a $320,000 funding boost.
The funding will enable the company to undertake a $1.44 million project, take on 12 new workers, transition five existing staff members and increase its exports by over $1 million.
The funding will help the company purchase and implement the latest Robotic Processing Line, which will provide world-class production capability, and increase the capacity and competitiveness of its production facility.
This grant builds on the nine projects already underway as part of the Labor Government’s Future Industries Manufacturing Program which combined will create 64 new full time jobs and help transition our economy towards an advanced manufacturing state.
Under the Program, companies can apply for grants of up to $500,000 to invest in new manufacturing technologies and processes, and create jobs.
More information about the Program is available at the Business Victoria website www.business.vic.gov.au/fimp or by calling 13 22 15.
Bar Crusher manufactures boats from 4.9m to 7.8m in length which it supplies into the recreational and fishing boating industry. This industry is worth $4.5 billion in Victoria alone.