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Introduction and aims
The Competitive Business Fund is a Victorian Government initiative to assist businesses to take maximum advantage of new opportunities that are emerging in the global economy.
The Fund supports growing and competitive businesses with the potential to move into new markets, to develop processes and solutions, or to invest further in their business in order to enhance competitiveness and capitalise on emerging opportunities.
Funding in the order of $3 million is available in the second round of grants on a competitive basis.
Nature and level of assistance
The Fund provides two streams of financial assistance on a co-contribution basis:
- Enterprise – up to $250,000 for a project involving one company, to be matched by a minimum of $3 for every $1 granted; and
- Supply Chain – up to $500,000 for a collaborative project involving multiple companies, to be matched by a minimum of $2 for every $1 granted.
Where a project involves multiple organisations, the lead organisation submits the application and is subject to the financial risk assessment. All participating organisations will be subject to probity checks.
Funding may be used for:
- Investments that increase a company or supply chain’s productivity and competitiveness including, for example:
- purchase/upgrades of plant and equipment or technology
- upgrades to existing infrastructure
- improvement/enhancement of capabilities or skills
- adoption of new processes
- development of an innovative product, process or market that will generate broader benefits to the community
- mergers and acquisitions that will create sustainable growth-oriented entities
- Collaborative projects among multiple businesses that facilitate greater business growth
- Demonstration projects where knowledge is shared across industry, which leads to significant productivity improvement.
Assistance will not be provided for normal “business as usual” operations, such as meeting payroll commitments, for payment of redundancies or for organic growth.
Applicants meeting the following criteria will be eligible for consideration:
- possess an Australian Company Number (ACN)
- be based in Victoria
- achieve a satisfactory financial risk assessment based on financial reports for the past three financial years
- agree to comply with the Department’s performance monitoring and evaluation regime
- meet the co-contribution requirement and have investigated, and/or sought funding from appropriate Commonwealth Government programs and other State Government programs where appropriate before applying to the Fund (funding from such Government programs cannot form part of the minimum co-contribution commitment).
Where a project involves multiple organisations, the lead organisation should submit the application. All participating organisations will be subject to probity checks.
- Competitive Business Fund – Program Guidelines (PDF 200Kb)
- Competitive Business Fund – Flyer (PDF 1Mb)
- Competitive Business Fund – Client Report & Evaluation Form (PDF 169Kb)
Organisations will need to submit their application through the online Competitive Business Fund Application Form.
Round One Case Studies:Read case studies from grant recipients of the Competitive Business Fund
Closing Date: Applications for Round Two close at 5pm AEST on Friday 8 April 2011.
Contact: Companies interested in applying for a Competitive Business Fund grant are encouraged to discuss their application with a Client Manager at the Department of Business and Innovation. For contact details please visit business.vic.gov.au/vbc or call Business Victoria on 13 22 15.
Contact the Victorian Business Line (VBL) on 13 22 15 regarding any problems with file downloads.