Round 2 opened for applications 4 March 2014. Round 2 closes at 5pm AEST on Thursday 29 May 2014.
The Geelong Region Innovation and Investment Fund (GRIIF) is a $24.5 million competitive, merit-based grants program. Under the GRIIF, eligible projects will focus on encouraging new investment to create new or additional business capacity that results in sustainable jobs. The minimum grant will be $50,000.
The Geelong Region is defined as the five Local Government Areas of:
- Greater Geelong
- Surf Coast
- Golden Plains
The Australian and Victorian Governments have established the GRIIF in response to the announcement by Ford Australia that it will cease its vehicle and engine manufacturing operations in Australia from October 2016. Funding over three financial years from 2013-14 to 2015-16 will be provided to the Geelong Region, as well as Melbourne’s North, in recognition of the economic and social impact of Ford Australia’s announcement on those communities.
The Australian Government will contribute $30 million; the Victorian Government $9 million; and Ford Australia $10 million. Of the total $49 million in funding, $24.5 million will be made available to the GRIIF and $24.5 million will be made available to the Melbourne’s North Innovation and Investment Fund.
Successful applicants will be required to provide a minimum cash commitment which at least matches the total amount of grant funding sought under the program.
Applicants should note that proposals will not be favoured where they involve no sustained net increase in economic activity in Australia, or where new jobs in the Geelong Region are created at the expense of jobs elsewhere.
What projects are eligible
To be eligible, proposed projects must:
- generate sustainable new jobs in the Geelong region; and
- have at least $100,000 in eligible project expenditure.
Funding will not be provided for:
- activities undertaken prior to receiving a grant;
- projects focussed on current job retention;
- projects that adversely impact existing businesses in the region;
- projects that involve the movement of business activity from other areas of Australia to the Geelong Region; or
- activities undertaken after 30 June 2016.
Five projects have been supported under Round 1 of the Geelong Region Innovation and Investment Fund – refer to the Projects Support page for more details.
Who can apply?
Applicants must be incorporated, have an ABN, be registered for the GST and be liable to pay income tax. Applicants must be able to demonstrate that they have committed funding, exclusive of in-kind contributions, to the proposed project that is free of other government funding and which at least matches the funding which is being sought from the GRIIF.
Joint applications are acceptable, provided they have a principal applicant who is both the primary project proponent and an eligible applicant.
The following are not eligible to apply:
- individuals, partnerships, or trusts, however an incorporated trustee can apply on behalf of a trust;
- Commonwealth, State and Local Government agencies and bodies (including government business enterprises);
- entities that do not comply with State or Commonwealth law, such as Equal Opportunity for Women in the Workplace Act 1999; or
- Ford Australia and its related companies.
How will the applications be assessed?
AusIndustry will determine eligibility of applications. Eligible applications will be jointly assessed by AusIndustry and the Victorian Government Department of State Development, Business and Innovation against the following weighted merit criteria (weightings in brackets):
- the level of net economic benefit the proposed project will bring to the Geelong Region (40%), including:
- the number of sustainable, new jobs generated through the project;
- the contribution of the project towards the diversification of the region’s economy; and
- the extent of new innovation, including new technology;
- the demonstrated skills, experience and resources available to successfully undertake the project (15%);
- the demonstrated capacity of the applicant to provide matching funding for the project (15%);
- the sustainability of the project outcomes to continue over the longer-term without the need for ongoing need for Government support (15%); and
- the extent to which the project would be unlikely to proceed without Government support (15%).
The GRIIF Advisory Committee will review all eligible applications and provide recommendations of projects to be supported to the Australian Government Minister for Industry and the Victorian Minister for Manufacturing.
The GRIIF Advisory Committee will comprise of a representative from the Australian Government, the Victorian Government, and two independent members of the Geelong business community.
The Australian Government Minister for Industry, in consultation with the Victorian Government, will make the final decision as to whether an application will be funded under the GRIIF.
Grant Writing Assistance
For more information about how Treadstone can assist you with your grant applications, call us for a confidential discussion on (03) 9008 5937 or email us