VIC Industry Development Fund

Purpose and Program Overview

The VIC Industry Development Fund is a Victorian Government initiative with a $20 million funding pool. Its primary intent is to increase productivity for manufacturing businesses within the state.

The program aims to strengthen Victoria’s manufacturing capabilities and foster the growth of local businesses. It plays a role in supporting innovation and development across specific industries deemed critical for the state’s economic future.

The fund is expected to open by mid-2025, providing financial support to businesses to enhance their productivity.

Key Grant Details

• Grant amount or funding range: Expected to be in the range of $50,000 to $250,000. Exact amounts are to be confirmed.
• Application open and close dates: Expected to open by mid-2025. Specific dates are to be confirmed.
• Eligible industries or business types: Manufacturing businesses operating in Victoria’s five priority sectors.
• Required co-contributions: Matched funding is required, with an expected 2:1 ratio (meaning the business contributes $2 for every $1 of grant funding).
• Location/state/territory applicability: Victoria.

Priority Sectors

The VIC Industry Development Fund specifically targets businesses within the following five priority sectors:

• Advanced Manufacturing and Defence
• Health Technologies and Medical Research
• Circular Economy
• Digital Technologies
• Agribusiness

Funding Scope

• Minimum and maximum amounts per stream: The expected grants range from $50,000 to $250,000. The information does not specify separate streams with different funding amounts.
• Categories or streams of funding: The fund’s primary focus is on projects that aim to improve productivity within the identified priority sectors.
• Project timeline or eligible funding duration: Not specified in the provided information.

Eligibility Criteria

• Business structure or size: Not explicitly detailed beyond being a “business” or “manufacturing business.”
• Registered business location: Businesses must operate in Victoria.
• Minimum/maximum turnover: Not specified in the provided information.
• Insurance or compliance obligations: Not specified in the provided information.
• ABN/GST status: Not specified, but implied for businesses operating in Australia.
• Other requirements: Businesses must operate in one of the five priority sectors and be able to provide the required matched funding.

Eligible Activities and Expenses

The fund aims to support activities that improve productivity within manufacturing businesses. While specific examples of eligible activities were not detailed, the grant’s objective suggests support for initiatives such as:

• Capital equipment purchases.
• Technology upgrades.
• Process improvements.

Assessment Process

The information does not explicitly state whether the grant is competitive or entitlement-based. However, given the nature of grant programs, it is likely to be competitive.

• Key evaluation criteria: While full guidelines are yet to be released, assessment will likely focus on:
  • The project’s potential to improve productivity.
  • Alignment with one of the five priority sectors.
  • The business’s capacity to deliver the project.

Recent Program Updates

The VIC Industry Development Fund has a $20 million funding pool and is expected to open by mid-2025. The exact grant amounts and full eligibility guidelines are yet to be released, but are anticipated in the coming weeks.

Application Tips

Consider these points for your application:

• Ensure your business operates within one of the five identified priority sectors.
• Be prepared to provide matched funding, expected to be on a 2:1 ratio.
• Focus your project proposal on clear productivity improvements for your manufacturing business.
• Stay updated on the official release of full eligibility guidelines and application dates.

Where to Get Help

Consider consulting with a professional grant specialist, such as Pattens Group. We offer initial assessments to review your business’s eligibility and evaluate how well your project aligns with the grant’s objectives. You can also visit relevant government websites for application templates and further guidance.