Philip Doyle and Renee Winzar discuss the Federal Government's Regional Growth Fund Program.
Applications for the Federal Governments’ Regional Growth Fund are now open. This $ 272 million program is a great opportunity for local councils and private companies to get major federal support for big ideas that will create genuine impact for their local community. The grant program looks to provide a minimum $10 million for infrastructure projects that will create significant impact on regional, rural and remote communities. The program is open to governments (state, territory and local), the private sector and not-for-profit organisations.
The focus of the program is to enable sustainable growth to the community through major transformational projects. Applications can be submitted for either ‘common-use’ or private use infrastructure with a level of community benefit and access; and can be for construction of new infrastructure or upgrade/expansion of existing infrastructure.
Successful projects will provide support for existing industries such as agriculture, tourism, manufacturing, communication and transport, with a focus on creating jobs and long term economic growth for the region.
Notably, there is no cap to the maximum grant amount. The program will fund up to 50 percent of the project costs (excluding in-kind contributions), with funding to commence in the 2018-19 financial year and cease on 30 June 2022.
Applications for Stage 1 of the program close 27th April 2018 at 5pm AEST and involves submitting an application to address the eligibility and merit criteria, which will be competitively assessed. Successful applicants will be invited to prepare a Stage 2 application, which includes full business plan and five year cash flow projections for the project.
KPMG has expertise and experience to help councils, governments and private companies with the applicaton process including:
In addition, our national grants practice has experience in securing funding for our clients from a variety of sources (including Federal Government).