The $10 million Investment Fast-Track Fund (IFF) supports regional and rural projects thereby accelerating projects to being investment ready. Funded activities will be considered on the basis of the project’s strategic importance for rural and regional communities including driving economic growth and prosperity for Victoria.
Applications will be received throughout 2021-22 financial years, or unless the funds are exhausted prior. Funded activities must be completed by 30 June 2022. This program is now closed.
Overview and Grant Amount
The funding ratio for the IFF contribution is capped at RDV $4 : $1 Other.
Funding available is capped at $500,000 per activity, however applications will be accepted for larger funding requests and will be considered on a case-by-case basis taking into account the level of strategic importance of the resultant project for rural and regional communities in driving economic growth and prosperity.
Applications that have high applicant contributions would be considered more favourably.
The objectives of the fund are for activities that will:
- ensure that high quality prospective projects that will be effective at driving regional recovery and economic diversification, are supported to a position of investment readiness and implementation
- support acceleration and development of business cases and planning for projects of strategic importance to develop a robust pipeline of investment-ready opportunities over the medium term
- progress development work on medium-longer term transformational projects that will fundamentally underpin long-term recovery and resilience
- support Aboriginal businesses to establish, grow and meet Aboriginal Victorians’ needs, priorities, and aspirations
Eligibility and Criteria
Applications will be considered for activities from the following (individuals are not eligible to apply under this program):
- Local Government Authorities
- Alpine Resorts Management Boards
- Private sector businesses, including Aboriginal organisations and small businesses
- Business and industry groups including chambers of commerce and business associations, industry peak bodies and business and industry clusters and networks
- Incorporated not-for-profit organisations, including community groups that are (cooperatives or associations and social enterprise organisations)
- Utility and services providers • Water corporations • TAFE institutions and universities
- Public/private partnerships, through an incorporated entity
- Not-for-profit organisations operating businesses, including community groups that are an incorporated body, cooperative, association or social enterprise
- Other organisations agreed by Regional Development Victoria. Councils can also sponsor (auspice) activities on behalf of the business and industry groups, and incorporated not-for-profit organisations including chambers of commerce and business associations and industry peak bodies
- Business and industry clusters and networks (cooperatives or associations and social enterprise organisations)
- Be an incorporated legal entity, with the exception of small businesses which may only require an Australian Business Number (ABN)
- Not-for-profit organisations and community groups that have an Australian Business Number (ABN) or can provide written advice from the Australian Tax Office that no withholding tax is required from the grant payment.
Note: that eligible Traditional Owner/Custodians groups and Aboriginal businesses are encouraged to apply.
Applicants should address the assessment criteria of the IFF program and provide the supporting documents required by the application form. All applications must provide:
- A response to the assessment criteria
- Completed activity plan, including consideration of key risks
- Cost estimates/quotes
- Letters of support, as appropriate
- Evidence confirming funding sources
- Evidence of land ownership/tenure, as appropriate, for example when seeking funding to conduct statutory planning activities
If the initial expression of interest assessment is supported to proceed, applicants will be invited to apply for program funding and an online link to an application form will be sent to the applicant. Applications will undergo a multi-stage assessment process.
- RDV will determine the activity’s eligibility against the applicant and activity eligibility criteria and undertake probity checks and financial risk assessments of the applicant organisations where necessary. Ineligible applicants will not proceed to assessment.
- RDV will determine the proposed activity’s eligibility. This will be done by assessing the activity’s ability to meet the assessment criteria outlined in section 8 (below). This stage will also consider key risks and issues associated with the project.
- Eligible applications will be considered by an Assessment Panel against the assessment criteria outlined in section 8 (below).
The Assessment Panel will make recommendations for funding to the Minister for Regional Development.
Applicants are encouraged to read through all the criteria set by this grant, which may be found here.
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