A new business development grants program dedicated to Northern Australia will open to a strategic corridor across the north in early November.
Northern Australia Minister David Littleproud said the Northern Australia Development Program will offer two simultaneous grant streams for businesses to support their growth and diversification.
“The first stream will target small to medium corporations with business expansion and diversification grants of between $50,000 and $2 million,” Mr Littleproud said.
“The second stream will offer corporations between $3 million and $10 million to establish a new industry or grow an existing industry.”
Federal Leichhardt MP Warren Entsch said this investment was needed to drive the development of diverse and profitable businesses and create jobs in Northern Australia.
“These grants will help businesses to fund new capital expenditure investments like the construction of infrastructure or assets, or to undertake business planning and feasibility studies,” Mr Entsch said.
“This grants program is another step towards levelling the playing field for businesses in the North.
“Growing existing, emerging, and new industries will also contribute to transformational change and make it a more attractive place to invest and do business.”
Grants will cover up to 50 per cent of an eligible project’s total cost.
The program is expected to open for applications in early November, with grants being awarded in February next year.
The eligibility guidelines will be released at the end of September