More companies will be able to access the Government’s Textile, Clothing and Footwear (TCF) Strategic Capability Program, which helps companies plan for the future by funding projects focused on innovation.
This year’s Budget provides an additional $5.0 million in 2010-11 for the program, bringing the total value to $35.0 million over five years. The program will now also be able to support smaller projects, with the eligibility threshold reduced from $1.0 million to $500,000.
Taken together, these two measures mean more innovation initiatives can be funded in what is a highly competitive grant program.
Funding rounds are held annually, and successful applicants are required to match Commonwealth project funding dollar for dollar.
The program is designed to increase innovation – new and original ideas and business practices – within the TCF industry.
Focusing on innovation and developing strategic capability allows companies to make the most of emerging opportunities and meet challenges head on.
This will ultimately help to secure Australian jobs and promote growth in what is a vital branch of Australian manufacturing.
Applicants to the TCF Strategic Capability Program need to show that their project will benefit the industry and add value to the Australian economy.
The TCF industries employ over 45,000 Australians and underpin regional economies around the country.
The Government is promoting renewal and prosperity in these industries through a retargeted $401.0 million TCF package, which was announced in last year’s Budget. The $5.0 million announced in this Budget is additional to that funding.
For more information about how Treadstone can help you win Government Grants contact us on (03 ) 9016 3575.