What is the Regional Growth Fund?
The Regional Growth Fund is a program to support projects that unlock new economic activity in our regions, create jobs, grow export opportunities and strengthen regional communities.
The Government of South Australia recognises our regions are fundamental to the success of South Australia’s economy. The current COVID-19 pandemic has highlighted the need for strategic assistance to rebuild the South Australian economy to be stronger than before.
More than $1 billion in economic response measures have been announced by the Government of South Australia, including $350 million in Economic Stimulus focused on shovel-ready infrastructure maintenance and jobs and the $650 million Jobs Rescue Package which provides payroll and land tax relief, cost of living concessions, the $300 million business and jobs support fund and the $250 million community and jobs fund. These measures are on top of reforms to strengthen the State’s economic foundations initiated prior to COVID-19, including the abolition of payroll tax for small businesses, reforms to land tax and reducing the Emergency Services Levy on businesses and households.
This Regional Growth Fund – Strategic Business Round 2020 is a once-off $15 million special round seeking applications under the Regional Growth Fund Strategic Pool. Through this once-off Regional Growth Fund – Strategic Business Round 2020, the Government aims to unlock business investment to jump start regional economies by supporting shovel ready projects that drive new or enhanced economic activity.
The Regional Growth Fund has been established to:
- unlock new economic activity in our regions
- deliver critical economic infrastructure to create direct benefit across regional industries
- strengthen regional communities.
Through this fund, the State Government is committing $150 million over 10 years to support regional South Australia as part of the Recharging Our Regions policy.
A special $15 million round of the Regional Growth Fund has been established to help fast track the recovery of regional economies after COVID-19.
Applicants can seek grants from $50,000 up to $2 million.
The proposals being sought should have strong production outputs, jobs and economic and market growth prospects and align with the Government’s strategic economic, infrastructure, skills and market development priorities and the Growth State focus sectors of tourism; food wine and agribusiness; hitech; energy and mining; space industry; health and medical industries; defence industry; international education; or creative industries.
The projects funded must provide enduring economic benefits and growth that can be demonstrated as having impact in the regions, for example through local job creation, income generation, increased throughput and therefore greater reliance on South Australian inputs, investment or export development. Projects must demonstrate alignment with broader Government priorities and strategies.
The requirement that Strategic Pool applications must demonstrate that the project leverages funding from other non-State Government sources, such as the Commonwealth Government, does not apply to this Strategic Business Round.
Applications to the Regional Growth Fund – Strategic Business Round 2020 are limited to:
- Incorporated Associations
- Business clusters
- Individual commercial enterprises
Projects must show the ability to commence within 3 months of approval from the Minister with the funds fully acquitted within 24 months of commencement. This will include projects that are well progressed in obtaining necessary approvals.
Applications close 6 July 2020.