Victoria launches new innovation and capability grants scheme

The Victorian government today announced a new $20 million scheme offering companies up to $500,000 to support manufacturing innovation and capability development.

The new Business Competitiveness Program is a plank in the government’s $60 million Manufacturing and Industry Development Fund, launched today by Minister for Industry Support and Recovery Martin Pakula (pictured).

The program will help eligible Victorian manufacturers implement new manufacturing technologies and processes, with grants covering up to one-third of eligible project costs.

The program aims to improve productivity, create sustainable local jobs, increase industry competitiveness and strengthen local supply chains in key sectors including medtech and food manufacturing.

Grants can go towards the purchase and commissioning of capital equipment, manufacturing product and process improvements and supply chain capability development.

Another initiative under the Manufacturing and Industry Development Fund will open in coming months, providing grant support to growing businesses for projects that help them capitalise on new opportunities.

The fund is expected to create hundreds of new jobs, with funding spread over three years.

The Victorian government has invested more than $180 million in manufacturing since 2014, unlocking more than $1.9 billion in private investment and creating more than 7,500 jobs, according to a statement.

More information about the Business Competitiveness Program can be found here.

Picture: Martin Pakula

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