Small and medium businesses vying for government services and tenders will receive $29.4 million in assistance under the budget.
In a budget which is mainly full of cuts, the assistance – dubbed the Enterprise Solutions Program – is aimed at helping “innovative” small and medium businesses.
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The funding will be provided over five years with $2.3 million available next year, $7.7 million in 2014-2015, $10.2 million in 2015-2016 and $7.5 million in 2016-2017.
Under the program, SMEs will be able to apply for grants of up to $100,000 for feasibility studies and up to $1 million for proof of concept.
The cash is targeted at helping SMEs overcome barriers and become more competitive in bids for government contracts.
“[It] will be provided to enterprises to develop innovative solutions for the future needs of government entities,” according to the budget papers.
The progam was prompted by recommendations by the non-government members of the Prime Minister’s Manufacturing Task Force.