The Illawarra Region Innovation and Investment Fund is now open for business.
Businesses with innovative projects in and around Wollongong can apply for financial assistance that will help strengthen the local economy and create new high-skill high-wage job opportunities.
The $30 million fund is jointly funded by the Australian Government ($20 million), the NSW Government ($5 million) and BlueScope Steel ($5 million) over three years to 30 June 2014.
The fund will also be matched by at least $30 million in private sector investment.
Focussing on the manufacturing industry, the Innovation and Investment Fund will favour projects that offer long-term growth potential in order to grow the Illawarra’s industry base.
This support will help offset the effect of BlueScope Steel’s decision to de-activate one of its blast furnaces at Port Kembla, which will result in the loss of 800 permanent and 200 temporary jobs.
The minimum grant under the Fund is $50,000, matched dollar-for-dollar by the successful applicant. There is no maximum funding limit.
Funds will be available for applications received through up to three rounds.
The first round closes on December 16.
Further information is available from the AusIndustry hotline on 13 28 46, by emailing firstname.lastname@example.org and from the Illawarra Region Innovation and Investment Fund page at www.ausindustry.gov.au.