Government grants for small businesses in Victoria

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Source: Pexels/Ketut Subiyanto

What government grants in Victoria are currently available for small businesses and startups? Here is a list of government grants and loans that are available for small businesses and startups in Victoria:

  1. LaunchVic
  2. Regional Jobs Fund Stronger Regional Communities Plan
  3. Future Industries Manufacturing Program

 

Government grants in Victoria

LaunchVic

How does it work?

LaunchVic is the Victorian government’s agency for supporting startups and innovative SMEs in the state. It was given $60 million in the 2015 state budget to help fund local startups. The agency recently closed round eight of its funding. The fund’s overall goal is to foster the Victorian startup ecosystem into one that is internationally recognised, by bolstering the skills of its startup founders and promoting inclusion and diversity across the board.

How much?

Unspecified.

One of LaunchVic’s most recent rounds, now closed, focused on Victoria’s health sector. Keep an eye on the agency’s website and apply here to be kept in the loop for further rounds.

Regional Jobs Fund + Stronger Regional Communities Plan

How does it work?

At its core, the Victorian Regional Jobs Fund acts as a way to support businesses to create more jobs in regional and rural parts of the state across the streams of investment attraction, innovation and productivity, employment, market access, and skills development.

Who is eligible?

The total value of the fund is around $500 million, but there is no set amount of funding companies can receive. Instead, applications are judged on a case-by-case basis and companies can request certain amounts. The funding does not need to be matched.

How much?

It varies/$50,000

To be eligible, businesses must be undertaking activities to make or keep rural and regional jobs in Victoria. More information can be found here.

Complementing this is the Stronger Regional Communities Plan, which provides up to $50,000 to private sector businesses to help retain jobs in regional Victoria.

Future Industries Manufacturing Program

How does it work?

If you’re an innovative manufacturing company in Victoria, the Future Industries Manufacturing Program could be for you — providing you have the funds to back it up.

Who is eligible?

This grant program encourages manufacturers in Victoria to invest in new manufacturing technologies and processes as a way to increase growth, hire more people, and improve productivity. However, if companies want to be eligible, they’ll need the capital to complement the grant, as companies are expected to match $3 for every $1 granted through the program.

How much?

Up to $500,000.

More information about the program can be found here.

NOW READ: Top five government grants for startups

NOW READ: A state-by-state guide to all the government grants available for your small business

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