New Grants

The $110 million Regional Investment Activation Fund (RIAF) aims to activate the economic potential of key industries and locations in Regional NSW, with grants of up to $20M. RIAF Stream One is a two-stage application and assessment process (Expression of Interest followed by Detailed Application). Eligible applications will be assessed on their comparative merits against the nominated eligibility and assessment criteria.

Deadlines and Timings

Deadline for submission of expressions of interest (EOI) closes on 14 November 2022 at 5PM AEDT.

Notification of EOI outcomes and Invitation to submit detailed application (if applicable) is on 19 December 2022.

Detailed applications close on 24 February 2023.

Overview and Grant Amount

The Department of Regional NSW (DRNSW) seeks to identify projects through a two-stage process, where the first stage is the submission of the EOI process, if assessed as suitable, may be recommended to the NSW Government for funding support under RIAF. The second stage is the detailed application part that is by invitation only. Available grants are from $2M to $20M, with project objectives as follows:

  • support the growth of existing industries and the establishment of new/emerging industries where regional NSW has a strong actual or potential competitive advantage
  • activate the economic potential of special activation precincts, regional job precincts, renewable energy zones, hydrogen hubs and other priority locations through increased private sector investment
  • create new high quality employment opportunities
  • support the shift towards higher-value-added activities and participation in global value chains and supply chains
  • promote collaboration between businesses, education and research institutions and other parties through sharing of knowledge, resources and infrastructure

Eligibility and Criteria

To be eligible to apply for funding through Stream One of the RIAF, applicants must:

  • have an Australian Business Number (ABN)
  • be one of the following:
    • a company incorporated in Australia
    • a company limited by guarantee
    • an incorporated trustee on behalf of a trust
    • an incorporated association or co-operative
    • an Aboriginal and/or Torres Strait Islander Corporation registered under the corporations (Aboriginal and /or Torres Strait Islander) Act 2006.
  • be registered for GST
  • be financially viable and able to demonstrate that they are likely to remain so over the duration of the project
  • have at least $20 million public liability insurance or be able to secure before entering into a Funding Deed if successful

Applicants must provide a cash co-contribution of at least 50% of the total project cost.

Joint applications are strongly encouraged, provided the lead applicant satisfies the eligibility criteria. The lead applicant must enter into the Funding Deed and will be held ultimately responsible for the delivery of the project.

Applicants can be based internationally, interstate or in either metropolitan or regional NSW. International businesses will need an ABN, be registered for GST, have at least $20 million in public liability insurance and be an eligible entity (as listed above), to enter into a funding deed if they are successful.

Eligible Projects

To be eligible for funding through Stream One of the RIAF, projects must:

  • be located in one of the 93 regional NSW local government areas, the Unincorporated Far West or Lord Howe Island. Projects located in Greater Sydney (including the Blue Mountains, Hawkesbury and Wollondilly), Newcastle or Wollongong Local Government Areas are not eligible
  • demonstrate the project would not occur in regional NSW at all, or in the same timeframe, without government investment support
  • be delivered by 30 May 2025. It is recommended applicants have a COVID plan in place to mitigate any potential delays due to COVID-19
  • deliver significant economic, social and/or environmental benefits for an industry or region
  • deliver economic benefits to multiple organisations or businesses
  • be registered for GST
  • provide proof of $20M of public liability insurance at time of contracting
  • secure approvals to meet project timeframes
  • confirm secured cash co-contribution

Eligible Expenses

Stream One of the RIAF grant funding may be used for capital and other expenses directly related to the delivery of eligible projects. This may include:

  • purchase of land (if necessary for the project and suitable alternatives to rent do not exist)
  • purchasing, constructing, installing and/or commissioning new plant, equipment and/or machinery
  • purchasing, constructing, establishing and/or fitting out new facilities, buildings or hubs
  • purchasing technology and/or intellectual property (IP) required to undertake the project
  • upgrading existing facilities, buildings, plant, equipment, machinery and/or technology where necessary, to deliver the project and achieve its outcomes
  • cost of contractors to construct new buildings and facilities
  • costs relating to activities that directly contribute to, or enable knowledge sharing (i.e., reports, database development)
  • external project management and administration costs up to 10% of project cost
  • contingency costs up to 25% of project cost
  • eligible costs incurred once both parties have signed a funding deed

For more information, interested parties are encouraged to read the program guidelines set by the funding grant. Likewise, since this is a two-stage process where an EOI submission is required, applicants are advised to read through the provided preparation checklist in their website. Submissions may be lodged through their online portal.

Expert Assistance

Treadstone experts can help you understand government grants and maximise the benefits for your business. We have been helping clients since 2008 and our clients can testify to our proven success record. Working with us means you get the maximum grant with minimum risk and effort. Our expertise includes R&D Tax Incentive registration and tax schedules, Export Grants, Capital Expenditure and Infrastructure Grants.

Get in touch with us and let’s discuss this more in detail.

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