What is the Latrobe Valley Supply Chain Transition Program?
The Latrobe Valley Supply Chain Transition Program (LVSCTP) is a fund of up to $5 million that will provide intensive tailored support to businesses in the Latrobe Valley supply chain to guide them through the transition period as Hazelwood Power Station and Mine and Carter Holt Harvey Saw Mill close.
The LVSCTP is focused on retaining industry capability and jobs in the Latrobe Valley that might otherwise be lost due to the Hazelwood and Carter Holt Harvey closures.
The LVSCTP is part of the Victorian Government’s $40 million Latrobe Valley Economic Development Program (LVEDP) which targets the needs of the region and intensifies government’s efforts to support its economic diversification, growth and resilience.
The LVSCTP will provide supply chain companies with the support they need to plan for their future, including access to new sectors and markets.
This will be achieved by:
- Providing intensive support to equip supply chain companies with options and strategies for transition
- Offering assistance to implement key recommendations identified in the plan.
Total support provided for any qualified supply chain company will be capped at $71,000.
Activities funded under Business Transition Services include (but is not limited to):
- new product development
- business matching
- assistance with management skills
- sales and marketing strategies
- financial management
- market access activities
Activities funded under Merger Advisory Services include (but is not limited to):
- business valuations
- asset valuations and registers
- due diligence
- leasehold premise obligations.
Business Transition Plan projects must be completed within two (2) months of the date of the offer of funding.
Business Transition Services and Merger Advisory Services must be completed within twenty four (24) months of the applicant accepting the offer
All LVSCTP projects must be completed by 30 June 2019.
Supply chain companies must meet all the following criteria to be eligible for assistance under the LVSCTP:
- Have an Australian Business Number (ABN)
- Be incorporated in Victoria
- Have been trading continuously for the past four years
- Be a Victorian based business, with at least 20 per cent of revenue derived from a significant Latrobe Valley based company facing closure and their supply chain
- Be based in Latrobe Valley (Latrobe, Wellington, Baw Baw)
Applications open on an ongoing basis.