What is the Seafood Innovation Fund?
The Seafood Innovation Fund is an incentive-based initiative to assist businesses within the seafood sector in New South Wales to identify and address risks to their business, improve permanent assets and infrastructure, ensure long term productivity and sustainable use of the marine, estuarine and land-based environment plus aiding in building resilience to changes in seasonal conditions.
The NSW Government is offering low interest rate loans to assist commercial fishers and aquaculture farmers to identify and address risks to their business, improve permanent assets and infrastructure, ensure long term productivity and sustainable use of the marine, estuarine and land-based environment.
The Seafood Innovation Fund will assist investment into four key areas:
- Preparedness – adaptability to changing seasonal conditionals or climatic events of floods or droughts.
- Environment – ensuring equipment has a minimal impact on the environment.
- Fishing and Aquaculture Farming Equipment and Assets – replacement of unsafe or inefficient assets.
- Transport & Logistics – ensuring that product reaches markets in optimum condition.
A loan of up to 100% of the net, GST exclusive cost of the works to a maximum of $500,000. The net cost is determined by deducting the amount of any other government grants relating to the proposed works.
The availability of loans is subject to funds being available. No loans will be offered beyond the allocated funding.
To be eligible, you must be one of the following:
- a NSW aquaculture permit holder
- a NSW commercial fishing business owner or fishing licence holder
- a registered fish receiver
You must also:
- be registered with the Australian Taxation Office and have an Australian business number (ABN)
- operate as a sole trader, partnership, trust or private company and trade NSW seafood products
- have gross non-business assets not in excess of $5 million
- be operating a viable business that has the capacity to repay the loan
Applications open on an ongoing basis.