Regional Growth Fund – Australian Govt
The Australian Government has announced a new $272.2 million Regional Growth Fund aimed at funding transformational projects which support long-term economic growth and create jobs in regions undergoing structural adjustment.
While the program will run over four years to 2012-22, there will only be only ONE round of the RGF and so only one opportunity to submit applications for this funding (closing 27 April 2018).
Initial Applications are NOW OPEN for major projects valued over $20 million, with the minimum Grant amount under the fund being $10 million. Matched Funding is required to cover at least 50% of the total project cost.
Projects may include a number of strategically linked projects which together form a package of works benefitting a region or number of regions. The program includes (but is not limited to) a number of key economic categories including transport andcommunications, tourism, manufacturing and primary industries.
Eligible applicants include not-for-profit organisations, local governing bodies, State or Territory Governments, for-profit/private sector businesses.
Applications are assessed in a two-stage process:
- Stage 1 – Initial Application : to assess for eligibility and merit criteria (competitive assessment)
- Stage 2 – Full Business Case : successful applicants will be invited to submit a full business case, including confirmation of additional funding contributions.
Note: the Ministerial Panel may reconsider unsuccessful Initial Applications and invite a Full Business Case at a later stage, should a project that is invited to Full Business Case not be successful at the end with relevant money assessment.
Applications under the Fund will be assessed against three merit criteria:
- Job creation – both direct and indirect employees created both during and post-construction
- Driving Economic Growth – economic benefit delivered to the region during and beyond the construction phase
- Building Stronger Regional Communities – how the project will increase the regional community’s resilience
A mapping tool is available to assist applicants determine the project or benefit location.
Fund Guidelines can be accessed here.
Applicants are encouraged to seek the support of their local Regional Development Australia (RDA) Committee for your project.
RDA Central West can assist interested applicants to find out more information about the Fund, advise or assist in preparing applications for submission, and also can provide letters of support. Please give our office a call on 02 6369 1600 to discuss your project further.
Applications close 5pm 27 April 2018.
For more information visit the Department of Infrastructure, Regional Development and Cities website.