Changes to three grant programs will help small and medium businesses working in the Defence sector to access greater support from next month.
The Federal Government has announced changes to the co-contribution ratios in three Defence industry grant programs from November 12.
The co-contributions have been reduced from the existing 50:50 ratio, as follows:
- New applicants for a Capability Improvement Grant or a Defence Global Competitiveness Grant will only be required to fund 20 per cent of the value of their eligible project; and
- New applicants for a Sovereign Industrial Capability Priority Grant will only be required to fund 30 per cent of the value of their eligible project.
In another move to support industry, maximum grant values will increase:
- Sovereign Industrial Capability Priority Grants will increase from $50,000-$1 million to $70,000-$1.4 million;
- Capability Improvement Grants will increase from $2,500-$150,000 to $4,000-$240,000; and
- Defence Global Competitiveness Grants will increase from $15,000-$150,000 to $24,000-$240,000.
Member for Herbert Phillip Thompson said it was great news for local businesses looking to work with Defence.
“Townsville is Australia’s largest garrison city which means local small and medium businesses are in a great position to be able to take advantage of these grants and boost their capability,” Mr Thompson said.
“I know a lot of the businesses that are coming up with great new ideas and innovations are also employing veterans who know and understand the work, which is fantastic.
“These changes are going to give even more businesses an even better chance of a funding injection to not only boost our local defence industry, but grow and create jobs as our economy recovers.”
For more information on the various grant programs, and to apply, visit the Centre for Defence Industry Capability (CDIC) website at https://www.business.gov.au/cdic.