Up to $10M is available from the Latrobe Valley Economic Facilitation Fund to help Latrobe Valley’s businesses grow, attract new investment, and to provide or create new jobs.
Latrobe Valley Economic Facilitation Fund
The Latrobe Valley Economic Facilitation Fund (LVEFF) supports the early and on-going impact of the Latrobe Valley Economic Development Program (LVEDP). It is primarily focussed on businesses to identify and support business growth and new job creation, implementing key objectives set out in a range of existing economic development plans including the Gippsland Strategic Plan, local government economic development strategies and the Committee for Gippsland ‘Our Region Our Future’ document. The newly established Gippsland Regional Partnership will also set directions, priorities and advocate for local investment projects.
The Latrobe Valley Economic Facilitation Fund is a fund established as the first initiative under the $40 million Latrobe Valley Economic Development Program (LVEDP).
A new dedicated in-valley unit within Regional Development Victoria will work to actively identify and facilitate business growth and new jobs through the fund. The new team will work with proponents to fast track and realise investment opportunities. The LVEFF will work to attract and facilitate business investment into the Latrobe Valley through three key ‘fund streams’ supporting:
- Growing existing businesses – with a focus on business competitiveness and innovation, including a focus on existing Latrobe Valley businesses, the small to medium business sector (SME’s) and supply chains;
- Investment attraction – helping new businesses to locate in the Latrobe Valley; and
- Market access – growing the capability and identifying new global markets for products and services.
GROWING EXISTING BUSINESSES
This stream aims to improve Latrobe Valley’s existing business and industry productivity to ensure the long-term sustainability of employment and business growth. It will provide funding to enable the adoption of new technology and innovative processes to potentially diversify its operations and products and sustain and create new jobs. It also supports the introduction of equipment that drives more efficient use of assets and greater supply chain integration.
This stream aims to attract new businesses and industries to Latrobe Valley. It has a focus on regional competitive advantage and high-growth potential businesses and opportunities that create new jobs in Latrobe Valley.
This stream aims to grow regional export capability and access to new markets for existing business and industry groups. It will do this by supporting investments, projects and activities that enable more comprehensive understanding and engagement with new markets, domestically and abroad. It will provide funding to support industry development, capability building, strategic export development planning and targeted industry cluster development projects for new markets as well as support for Latrobe Valley specific inbound and outbound trade missions.
Latrobe Valley Economic Facilitation Funding
Grant requests below $50,000
The application will be assessed by RDV determining the eligibility of the project proposed in the application for funding by assessing the project’s ability to meet the ‘core criteria’. Key risks and issues associated with the project will also be considered before recommendations are made to the Minister for Industry and Employment for consideration.
Latrobe Valley Economic Facilitation Fund applications for business cases/feasibility studies below $50,000 will undergo this assessment process.
Grant requests over $50,000
Applications undergo a two-stage assessment process. The first stage involves RDV considering the eligibility of the project proposed in the application for funding by assessing the project’s ability to meet the ‘core criteria’. The first stage will also consider key risks and issues associated with the project.
From here, the Latrobe Valley Economic Facilitation Fund application will be forwarded to the Investment Committee of the Department of Economic Development Jobs, Transport and Resources (DEDJTR) for assessment and recommendation prior to consideration by the Minister for Industry and Employment. Where relevant, the Minister may consult other Ministerial colleagues, e.g. on proposals involving particular industry sectors.
GROWING EXISTING BUSINESSES
Through the Latrobe Valley Economic Facilitation Fund Growing Existing Businesses stream support may be available for:
- integration of new technology and/or processes designed to improve productivity and competitiveness, strengthen capabilities and have a transformative impact on business models through encouraging wider and ongoing innovation;
- specific infrastructure, plant or equipment that improves the efficiency and competitiveness of Latrobe Valley businesses;
- common enabling infrastructure that aim to address Latrobe Valley infrastructure challenges that impact on industry sustainability and limit expansion;
- industry clusters/networks that bring together representatives of regional/Latrobe Valley businesses, research centres and other partners to strengthen Latrobe Valley supply chains and competitiveness through collaboration and innovation;
- enhancement of workforce capabilities to support investment in new technologies and processes that improve the productivity of businesses.
Through the Latrobe Valley Economic Facilitation Fund Investment Attraction stream support may be available for:
- new investment from outside the region or bringing forward investment in existing regional businesses that creates jobs.
- targeted investment assistance and incentives for businesses to move to, or expand into, the Latrobe Valley involving new capital investment and job creation.
- introduction of new manufacturing capability, new technology, process change or plant modernisation, which results in business growth and jobs creation.
- opportunities to grow emerging businesses or diversify existing operations.
- business cases and feasibility studies that enable applicants to plan for, and investigate the economic viability of potentially significant impact projects. Government will match contributions for studies up to a maximum of $150,000.
Through the Latrobe Valley Economic Facilitation Fund market access stream support may be available for:
- participation in an inbound or outbound trade missions;
- strategic export development planning and capabilities development aimed at improving regional businesses’ understanding of and access to new and emerging markets;
- targeted industry cluster/network development projects (including educational activity and exploration of the feasibility of exporting, accessing new markets or building business capability).
Applications for Latrobe Valley Economic Facilitation Fund will be considered primarily from:
- private sector businesses and agencies
- small and medium sized enterprises
- small businesses (employing less than 20 people)
- medium enterprises (with 20-199 employees).
Where proposals demonstrably meet the objectives of the fund to support private sector investment and growth, applications can also be considered from the following types of bodies, including in sponsoring partnership or group proposals:
- business and industry groups including,
- chambers of commerce and business associations’
- industry peak bodies’
- business and industry clusters and networks;
- local government authorities;
- not-for-profit organisations and community groups that;
- are an incorporated body, cooperative or association’
- 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;
- higher education and private training institutions;
- regional organisations e.g. regional planning alliances.
Individuals are not eligible to apply.
Latrobe Valley Economic Facilitation Fund applications are open on an ongoing basis.
The Andrews Labor Government is backing more Latrobe Valley businesses to create new jobs and drive economic growth.
In his first visit to the region, Minister for Industry and Employment Ben Carroll today announced grants for two local Morwell businesses under the Latrobe Valley Economic Facilitation Fund.
Onsite Machining and Pipeline Services and Dynamic Industries Gippsland will receive funding to create a total of 34 new jobs and support about $1.5 million in investment.
Onsite Machining manufactures components for the power, mining, oil and gas industries. Its workforce will grow by 20 full-time staff in the next three to five years as it builds a new valve maintenance workshop and renovates existing premises.
Dynamic Industries is a small manufacturing business with eight employees that provides powder coating services to 60 local businesses across the Latrobe Valley and Gippsland. It will use the grant to build a new facility and create 14 new jobs.
Many of these new jobs will be suitable for former Hazelwood workers.
The $10 million Latrobe Valley Economic Facilitation Fund is helping businesses grow, attract and facilitate new private investment and boost their export potential. Grants have so far supported 16 projects that are expected to create nearly 300 jobs in the Latrobe Valley.
The fund is in addition to the Government’s overall $266 million transition package for the region.
Minister Carroll has convened a roundtable of the Latrobe Valley Authority and local councils in Morwell to discuss regional employment issues.
He will also meet workers and management at the Heyfield Timber Mill after the Government finalised its purchase of the business last month, saving hundreds of local jobs.