Victorian Industry Investment Fund

Victorian Industry Investment Fund

What is the Victorian Industry Investment Fund?

The Victorian Industry Investment Fund is a grant opportunity to assist eligible fast-growing Victorian companies to expand further. Exact details are yet to be published but this is what Bulletpoint expects it to look like.

 

Bulletpoint Track Record

Bulletpoint has assisted numerous companies secure manufacturing grants.

Manufacturing Modernisation FundBulletpoint helped Greenbear secure a grant of $500,000. Based in Tottenham, Victoria, Greenbear is a processor of waste and recycled materials. They received funding to build a fully-automated waste sorting line for residential Construction and Demolition (C&D) waste more feasibly and efficiently than current disposal methods.

Manufacturing Modernisation FundBulletpoint assisted Harry & Larry’s secure a grant of $1,200,000. Based in Brunswick, Harry & Larry’s manufacture a range of specialty ice creams. The grant will see 30 new jobs created and investment in a factory expansion with custom engineered production lines, including the latest freezing technology, to make a range of gourmet ice creams and desserts in complex shapes and layers.

Manufacturing Modernisation FundBulletpoint assisted Cottage Cheese Farm secure a grant of $765,000. Based in Glenroy, Victoria, Cottage Cheese Farm is a speciality cheese manufacturer making mainly Haloumi, Ricotta and Mozzarella cheeses. They received funding to assist with construction of a $6M purpose built cheese and yoghurt manufacturing facility. The project will allow them to expand current operations and introduction of new product lines.

Manufacturing Modernisation FundBulletpoint assisted Abey Australia secure a grant of $250,000. Based in Gisborne, Victoria, Abey is a manufacturer of plumbing and building products. They received a grant of $250,000 to buy five high-speed of five robots and 3 conveyors.

Manufacturing Modernisation FundBulletpoint assisted Osteon Medical secure a grant of $74,000. Based in Mulgrave, Victoria, Osteon Medical manufacture a range of dental and facial implant prosthetic products. They received a  grant to purchase a 5 axis simultaneous CNC milling machine.

Manufacturing Modernisation FundBulletpoint assisted Keech secure a grant of $141,700. Based in Bendigo, Victoria, Keech is a manufacturer of high integrity steel castings. They received a grant to  based in Bendigo. Keech received a grant to purchase a 3D digital printer for prototyping and pattern making.

Manufacturing Modernisation FundBulletpoint assisted AMR Hewitts secure a grant of $135,000, Based in Tullamarine, Victoria,  AMR Hewitts is a print packaging for the pharmaceutical and food packaging industries. They received a grant to purchase a new forme cutting machine to reduce turnaround times.

Manufacturing Modernisation Fund
Bulletpoint assisted Class Plastics secure a grant of $250,000. Based in Truganina, Victoria, Class Plastics is a manufacturer of industrial and retail plastic liquid containers. They received a grant to purchase a series of accumulated blow moulding machines and feed in conveyors.

 

Background

The Victorian Budget 2022/23 includes a number of industry initiatives, including $40 million over two years to help fast-growing companies expand further through the Victorian Industry Investment Fund. The fund supports companies in health, food production, technology, advanced manufacturing and business services to develop more products, create jobs and boost sales, according to industry and trade minister Martin Pakula.

The Australian government has announced a $78.3 million investment to boost manufacturing in Sydney, including $20 million to invest in renewable energy and low-carbon component manufacturing. The budget will also help their workers transition into highly skilled, digital jobs.

Workers in the Victorian defence industry will benefit from specialised professional development and internships in the budget for 2016/17. $14.8m will also be spent on a new Victorian Government Trade and Investment Office in Paris, to strengthen engagement with members of the European Union.

 

Funding

Up to $40 M is available to help fast-growing companies expand further.

 

Eligible Projects

The Victorian Industry Investment Fund will support the purchase and commissioning of capital equipment (recorded as fixed assets in the applicant’s accounts) and associated project expenditure related to manufacturing product and process improvements, prototyping, evaluation and testing of new products and processes, and supply chain capability development.

Any other activities will be considered on a case-by-case basis.

Eligible project expenditure includes the following activities relating to the proposed project:

  • capital expenditure (e.g. manufacturing machinery and equipment)
  • other project-related non-capitalised expenditure (e.g. related to product and process improvements, prototyping, evaluation and testing of
  • new products and processes, and supply chain capability development)
  • minor building alterations and fit-out costs
  • training specific to the technology (external costs only)
  • labour and contractors (but does not include internal salaries).

Eligible project expenditure must:

  • Be incurred by the grant recipient within 18 months of execution of the grant agreement
  • Be a direct cost of the project and
  • Be exclusive of the Goods and Services Tax (GST).

 

Eligible Applicants

To be eligible for the Victorian Industry Investment Fund, companies will need to:

  • be a legally structured business registered in Victoria with an Australian Business Number (ABN), with a minimum three years trading history;
  • be currently engaged in manufacturing or the manufacturing supply chain or demonstrate a genuine commercial connection to the manufacturing supply chain;
  • have an operating presence in Victoria; and
  • employ at least 20 full-time equivalent (FTE) staff or have an annual turnover of greater than $1.5 million (preference will be given to applicants that employ less than 200 people).

Companies with fewer than 20 FTE staff may be considered but will need to provide a compelling argument demonstrating why their project should be funded and how it will stimulate job creation.

Companies with an annual turnover of more than $100 million will need to provide a compelling argument demonstrating why government support is needed.

An Incorporated Trustee can apply on behalf of a Trust provided that the Trustee:

  • will remain sufficiently liable for the performance of any agreement it signs; and
  • can meet the above eligibility criteria.

Individual Partners may apply on behalf of a Partnership provided that the Partners:

  • will remain jointly and severally liable for the performance of any agreement they sign; and
  • can meet the above eligibility criteria.

 

Timing

To be announced.

 

More Information

 

Frequently Asked Questions

What businesses are not eligible to apply?

The following entities are not eligible to apply for the Victorian Industry Investment Fund:

  • individuals
  • Commonwealth, State and Local Government agencies or bodies
  • publicly funded research institutions
  • not-for-profit organisations
  • community-based organisations.

Are joint applications acceptable?

Yes, provided they have a lead applicant who is both the primary project proponent and an eligible applicant. The lead applicant will be subject to a financial risk assessment and all participating businesses will be subject to probity checks.

Both applicants may contribute to project expenditure to meet any co-contribution requirements.

What are the key dates for the Victorian Industry Investment Fund?

The first round of the Victorian Industry Investment Fund is yet to be announced. Information will be available in due course.

Applications will only be accepted when a funding round is open.

How much funding is available?

 A $40 million over two years will be available to help fast-growing companies expand further through the Victorian Industry Investment Fund. 

Funding for this program will be awarded on a competitive basis.

What can the grant be used for?

The Victorian Industry Investment Fund can be used to purchase and commission capital equipment (recorded as fixed assets in the applicant’s accounts) and associated project expenditure related to manufacturing product and process improvements, prototyping, evaluation and testing of new products and processes, and supply chain capability development.

Any other activities will be considered on a case-by-case basis.

Eligible project expenditure includes the following activities relating to the proposed project:

  • capital expenditure (e.g. manufacturing machinery, equipment and technology)
  • other project-related non-capitalised expenditure (e.g. related to product and process improvements, prototyping, evaluation and testing of
  • new products and processes, and supply chain capability development)
  • minor building alterations and fit-out costs
  • training specific to the technology (external costs only)
  • labour and contractors (but does not include internal salaries).

Eligible project expenditure must be:

  • incurred by the grant recipient within 18 months of execution of the grant agreement;
  • a direct cost of the project; and
  • exclusive of the Goods and Services Tax (GST).

What activity is not eligible for funding?

The Victorian Industry Investment Fund is not intended to support projects which involve:

  • routine replacement or minor upgrades of plant and equipment
  • purchase of vehicles
  • routine operational expenses, including communications, accommodation, office computing facilities, printing and stationery, postage, legal and accounting fees and bank charges
  • costs related to preparing the grant application, preparing any project reports and preparing any project variation requests
  • projects where the primary purpose relates to offshore manufacturing
  • building websites, marketing, sales and promotional activities, or
  • early-stage Research and Development (R&D) activities.

Does my project need to be located in Victoria?

Yes, funding is only available to Victorian-based manufacturers and applicants will need to testify in their application that they agree to conduct the majority of proposed activities in Victoria.

Will the information I provide at application be kept confidential?

Information provided by applicants for the purpose of submitting an application will be used by the Department for the purposes of assessment of applications, program administration and program review.

In making an application, the applicant consents to the provision of their information to State and Commonwealth Government departments and agencies for the purpose of assessing applications. If there is an intention to include personal information about third parties in the application, please ensure they are aware of and consent to the contents of this privacy statement.

Any personal information about the applicant or a third party will be collected, held, managed, used, disclosed or transferred in accordance with the provisions of the Privacy and Data Protection Act 2014 (Vic) and other applicable laws.

 

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