What is the Investment Fast-Track Fund?
The $10 million Investment Fast-Track Fund (IFF) is a program to support regional and rural projects to strengthen their investment evidence base through funding activities that support planning and preparation, thereby accelerating projects to being investment ready.
Background
Part of the Regional Jobs and Infrastructure Fund, the Investment Fast-Track Fund will focus on funding activities that will mobilise strategic investment projects through fast-track of business case development and planning for medium to longer term projects in regions, and increase the pipeline of investment ready projects, with a focus on leveraging private investment, boosting employment and improving the liveability of rural and regional Victoria.
Previously referred to as the Accelerating Readiness Fund, the Investment Fast-Track Fund provides Victorian Government financial assistance for activities that will fast-track achievement of an evidence base for their project in order to support and confirm investment readiness.
Funded activities will be considered on the basis of the resultant project’s strategic importance for rural and regional communities including driving economic growth and prosperity for Victoria.
Objective
The objectives of the Investment Fast-Track Fund are to fund activities that will:
- ensure that high quality prospective projects that will be effective at driving regional recovery and economic diversification, are supported to a position of investment readiness and implementation
- support acceleration and development of business cases and planning for projects of strategic importance to develop a robust pipeline of investment-ready opportunities over the medium term
- progress development work on medium-longer term transformational projects that will fundamentally underpin long-term recovery and resilience
- support Aboriginal businesses to establish, grow and meet Aboriginal Victorians’ needs, priorities, and aspirations.
Funding
The funding ratio for the Investment Fast-Track Fund contribution is capped at Regional Development Victoria $4 : $1 Other.
Funding available is capped at $500,000 per activity, however applications will be accepted for larger funding requests and will be considered on a case-by-case basis taking into account the level of strategic importance of the resultant project for rural and regional communities in driving economic growth and prosperity.
Eligible Projects
Eligible projects are defined as projects that may:
- Improve the economic performance, potential and outcomes of a precinct, town or region;
- Improve economic development and growth (e.g. this may include supporting social procurement outcomes and/or for relevant projects supporting the objectives of the Growing Regional Opportunities for Work initiative)
- Create and capture value by capitalising on key regional strengths, economic assets, or specialisations;
- Enhance the social and/or economic resilience and competitiveness of a regional location;
- Support economic transition, diversification and recovery;
- Align with state and regional priorities (i.e. Regional Partnership priority, or Regional, State or National or Council-endorsed plan or strategy);
- Maximise the value-for-money to the state including leveraging investment or funding from other sources;
- Improve business, transport, retail, education, social, cultural, industry or community linkages;
- In the medium to longer term provide multi-purpose infrastructure, suitable and accessible for a wide range of business and community groups such as business hubs, co- working spaces, community, and event and visitor facilities;
- Support cultural initiatives of economic significance to the region such as renewal of buildings and sites, arts and cultural centres or resource facilities; and
- Create strategic partnerships with Aboriginal businesses and integrate Aboriginal businesses into new and existing supply chains
Eligible Applicants
Applications will be considered for activities from the following (Individuals are not eligible to apply under this program):
- Local Government Authorities
- Alpine Resorts Management Boards
- Private sector businesses, including Aboriginal organisations and small businesses
- Business and industry groups including:
- Chambers of commerce and business associations
- Industry peak bodies
- Business and industry clusters and networks
- Incorporated not-for-profit organisations, including community groups that are a:
- Cooperatives or associations
- Social enterprise organisations
- Utility and services providers
- Water corporations
- TAFE institutions and universities
- Public/private partnerships, through an incorporated entity
- Not-for-profit organisations operating businesses, including community groups that are an incorporated body, cooperative, association or social enterprise
- Other organisations agreed by Regional Development Victoria.
Councils can also sponsor (auspice) activities on behalf of the business and industry groups, and incorporated not-for-profit organisations including:
- Chambers of commerce and business associations
- Industry peak bodies
- Business and industry clusters and networks
- Cooperatives or associations
- Social enterprise organisations
and must:
- Be an incorporated legal entity, with the exception of small businesses which may only require an Australian Business Number (ABN)
- Not-for-profit organisations and community groups that have an Australian Business Number (ABN) or can provide written advice from the Australian Tax Office that no withholding tax is required from the grant payment.
Timing
Applications close 30 June 2022.
