The Federal Government recently announced $52.8 million in funding for Round Two of the Manufacturing Modernisation Fund. The fund will provide grant funding to SME manufacturers to invest in projects that improve Australia’s manufacturing competitiveness and create new jobs.
Whilst the criteria and funding details are yet to be confirmed, we expect there to be little difference to the first round. If so, eligible manufacturing business with up to 199 employees will likely be able to apply for the following two levels of funding:
1. Small scale technology and efficiency investments
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Grants of $50,000 to $100,000
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Co-funding required on a one-on-one basis (grants will cover up to 50% of project costs)
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Applicants must commit to creating new jobs
2. Large scale transformative investments in technologies and processes
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Grants between $100,000 and $1 million
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Co-funding required on a three-to-one basis (i.e. grants will cover 25% of project costs)
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Applicants must commit to creating new jobs
Applications to Round Two are expected to open shortly and as this program is competitive, it is important to be ready to proceed with an application as soon as possible. Get in touch with your Moore Australia advisor if you would like to discuss the program further. Our team of government incentives experts can assist you in developing a competitive application.